Australia and New Zealand Banking Group Ltd. on Friday confirmed that its custodian services business across Australia and New Zealand is being purchased by JPMorgan for an amount which none of the parties involved disclosed.

"Custodian services is increasingly a global scale business and JPMorgan Worldwide Securities Services is ideally placed to service this portfolio of clients with its comprehensive suite of custody and securities products and solutions", said ANZ's institutional business Managing Director, Shayne Elliott.

According to JPMorgan, the acquisition would give the firm an access to over 100 clients and $99 Billion in assets under custody, and would also let it expand its existing custodial services business in the countries of Australia and New Zealand.

"This acquisition cements our position as one of the leading custodians in Australia and New Zealand", JPMorgan Worldwide Securities Services Chief Executive for Australia and New Zealand Jane Perry said.

Both parties have confirmed that the deal will be reaching a closure before the end of the current year.