If you're looking for Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares today you may be running into some issues.
For example, on Australia's most popular brokerage platform, CommSec, the bank's shares are nowhere to be seen at first glance.
But don't worry, they're still there!
Is something strange happening with ANZ shares?
On Tuesday, the big four bank revealed that its scheme of arrangement was now effective.
This scheme of arrangement sees the company establish ANZ Group Holdings Limited (ANZ NOHC) as the new listed parent company of the ANZ group. It has also separated ANZ's banking and certain non-banking businesses into two groups.
At its scheme meeting earlier this month, ANZ chair, Paul O'Sullivan, explained the rationale for the change. He said:
Customers are demanding more from their banks. Better services, better products and better digital solutions. Consistent with this, traditional banking is facing significant disruption from new non-bank competitors, mainly global technology companies launching financial services products.
Understandably, these businesses are not regulated in the same way as banks like ANZ. This new NOHC will allow ANZ to partner with technology companies on a level playing field. Essentially, the restructure is about making our banking business more efficient by creating a better structure for investing in our non-bank partners. It will provide greater strategic and operational flexibility.
O'Sullivan also points out that this NOHC setup isn't new. It is used by the likes of Macquarie Group Ltd (ASX: MQG) and Suncorp Group Ltd (ASX: SUN) in Australia and Bank of America, JP Morgan, HSBC, and Barclays internationally.
Importantly, your dividends will not be impacted by the change and shareholders will receive one ANZ NOHC share for each ANZ share they hold.
So what's happening today?
As the scheme is now legally effective, ANZ shares on the ASX and NZX have been suspended and ANZ NOHC shares are trading in their place on a deferred settlement basis.
This will remain the case until 4 January, when ANZ NOHC will commence normal trading at long last.
In the meantime, you can find ANZ shares on some brokerage platforms under the ANZDA ticker code.
