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ANZ sells mortgage business


ANZ Banking Group has sold its wholesale mortgage distribution business as it continues to strengthen its capital position.

ANZ's Origin Mortgage Management Services provides funding for about $2.2 billion worth of residential mortgages through its network of mortgage managers that operate under their own brands.

The business has been sold to Columbus Capital, a non-bank financial group with a focus on mortgage lending and funds management.

The terms of the sale have not been disclosed.

"The sale is consistent with ANZ's focus on the growth of its own branded mortgage products and its disciplined approach to capital management," ANZ said in a statement.

Earlier this week ANZ sold its remaining shares in Visa for a gain of $224 million.