AMP Limited today confirms it has ceased plans to divest its New Zealand wealth management business, following the economic and financial markets disruption caused by the COVID-19 pandemic.

New Zealand wealth management will be retained by AMP and will now focus on plans to develop and grow the business in its existing markets.

AMP held discussions with a number of interested parties regarding the divestment, but the offers received did not meet the company’s expectations.

AMP will provide a further update on New Zealand wealth management at the 1H 20 results in August 2020.