As part of the agreement, ANZ will also enter into a "strategic alliance" to make available IOOF superannuation and investment products available to ANZ customers.

The deal excludes the life insurance business within OnePath, regarding which ANZ "continues to review [its] options".

The ANZ-aligned dealer groups transferring to IOOF as part of the deal include Millennium3, RI Advice, Elders Financial Planning and Financial Services Partners.

The platforms and products sold to IOOF include the OneAnswer Mastertrust, Advised (Wrap) including ANZ Grow Wrap and Oasis badged wrap, EmployerSuper (ANZ Smart Choice Employer, Direct Products, ANZ Smart Choice Retail) and other closed superannuation products.

The sale includes 717 aligned advisers and $19.5 billion in funds under advice.

The sale price of $975 million represents a multiple of 25 times OnePath pensions and investments' 2016-17 net profit after tax.

ANZ expects to see its core equity tier one (CET1) capital ratio increase by approximately 15 basis points on completion of the sale.

Commenting on the sale, ANZ group executive, Wealth Australia Alexis George said: "Financial services such as superannuation, investments and advice are a core part of the support we provide ANZ customers now and in the future.

"By partnering with IOOF, we are able to create greater value for our shareholders while also providing our customers with access to quality wealth products from a specialist provider with the right cultural fit, financial strength and digital capability.

"The sale of our pensions and investments and aligned dealer groups businesses provides ANZ with greater flexibility to consider options for the life insurance business including strategic and capital markets solutions."