Australia and New Zealand Bank has agreed to let go of its custodian services unit to JP Morgan for an undisclosed price.

The bank has been intending to offload the business for nearly a year, but was this was placed on hold when ANZ fully acquired ING's Australian wealth management operations in the middle of the year.

ANZ chief executive Mike Smith had said in a previous statement that the company is looking to keep its core businesses and move away from so-called 'cottage industries' that may slow growth.

JP Morgan, on the other hand, is already a major player in the Australian custody market and would stand to benefit greatly from ANZ's over 100 clients and $99 billion in assets under custody. Staff who will be affected by the move are expected to be offered positions at JP Morgan.

News of the deal was shortly followed by a separate announcement on the appointment of Anne Weatherston as ANZ's new chief information officer, reporting to Mr Smith.

Ms Weatherston was previously the group chief information officer for the Bank of Ireland. In her new role, she be joining the ANZ's 12-member management board and oversee its information technology structure and capabilities. Her appointment takes effect in early 2010.