ANZ is selling its custodian services business to JP Morgan.

ANZ group institutional managing director Shayne Elliot said custodian services is increasingly a global scale business.

“JP Morgan Worldwide Securities Services is ideally placed to service this portfolio of clients with its comprehensive suite of… products and solutions.”

Mr Ellito said the decision was part of refocusing ANZ’s institutional business on core banking priorities in Australia, New Zealand and Asia.

The deal should be completed by December 31 followed by the progressive transfer of business and staff during 2010.