Acquisition hungry IOOF eyes the big banks’ dealer groups

Bank Pekao SA, Poland

IOOF boss Chris Kelaher has a big appetite for acquisitions that could extend to buying a dealer group from one of the big four banks.

The chief executive shared his aggressive outlook for future acquisitions on Tuesday as IOOF Holdings reported a 42 per cent spike in annual net profit, driven by better than projected profit generation from past deal activity.

“The landscape has never been more rich in terms of opportunities for acquisitions,” Mr Kelaher said.

He said IOOF would be keen to run the ruler over any assets the big four banks might be looking to divest from their wealth management and financial planning arms.

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The author Paul