ANZ Banking Group has EY Australia and law firm Allens in its corner to assist with the mammoth auction of its wealth arm, sources told Street Talk.
EY is said to have compiled a vendor due diligence report dispatched to interested parties this month, while Allens will no doubt help the bank navigate the legal ramifications of a complex sale process.
The documents landed in early April with financial institutions bankers gearing up for what is likely to be the largest deal in the sector this year.
Some analysts have put a $4.5 billion price tag on the ANZ wealth unit in its entirety.
ANZ has also sought to inject more tension into the wealth sale process by leaving open the option of an ASX listing.
This may lead to a formal pitching process for banks in coming months but will also pose conflict issues with many already aligned to interested buyers.
The lodging of indicative bids for the wealth arm will follow ANZ's interim profit results which are handed down on May 2.
