ANZ Bank New Zealand (ANZ) has agreed to sell ANZ Securities’ online share and bond trading platform to First NZ Capital (FNZC), in a bid to further simplify its business.

Post acquisition, the platform will be renamed as Direct Broking and will offer similar features currently used by ANZ Securities customers.

The lender said that the platform will continue to provide current services until the deal is closed and the deal will not impact KiwiSaver and managed investment fund services offered by ANZ.

ANZ New Zealand managing director Paul Goodwin said: “This alliance reflects a continued focus by ANZ to simplify its business. ANZ recognises it does not need to own the technology required to provide our customers access to a share trading solution.”

FNZC CEO James Lee said: “By combining our capabilities, and allowing each organisation to focus on its core strengths, we aim to provide both FNZC’s and ANZ’s customers’ market-leading capital market solutions.”

The deal, whose terms are not disclosed, is expected to close by the end of second half of 2018, subject to regulatory and other customary conditions.