AMP to consider asset sale opportunities

AMP has revealed unsolicited expressions of interest have been made for its assets and businesses, which it will consider after a portfolio review.

The bank and wealth manager told the share market there had recently been an increase in interest and inquiries and the board would review the portfolio to assess opportunities.

The review may not lead to a sale, according to the statement.

AMP chair Debra Hazelton said the board and management firmly believed in the existing strategy but wanted to assess all options to maximise shareholder value.

Credit Suisse, Goldman Sachs and King & Wood Mallesons will advise on the review.

AMP in July completed the $3 billion sale of its life insurance business to Resolution Life.

AMP last month reported a first-half underlying profit of $149 million, down from $256 million for the same period last year, due to COVID-19 impacts and market volatility.

Shares were higher by 5.19 per cent to $1.62 at 1133 AEST on Wednesday.

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