AMP shelves plan to divest NZ wealth ops

AMP has shelved a decision to divest its New Zealand wealth management operations, following the economic disruption of the COVID-19 pandemic.

AMP told the market it would retain and grow the business.

Offers were made for the business, but these did not meet expectations, the company said.

The news comes ahead of its annual general meeting, which will be webcast, later today.

AMP is due to provide its first-half results in August.

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