ANZ Banking Group (anz) has tapped boutique advisor Flagstaff Partners to help with the sale of its trustee unit, according to The Australian Financial Review.
The newspaper understands final bids for the business are due at the end of March with a final sale price that could top $120 million.
A spokesperson for ANZ declined to comment on the report.
Flagstaff also advised The Trust Company as it tried to defend itself against Perpetual (PPT), IOOF Holdings (IFL) and Equity Trustees (EQT). Perpetual won out in the end with a $280m bid.