Jul 21, 2026 – 5.57pmNo sell-side process, no active buyers, but a defence adviser on standby? Things sure are strange at AMP, where the financial services giant with a market capitalisation of $5.1 billion has brought in UBS to help in any discussions for the sale of its banking division – should they materialise.AMP, according to people who were briefed on the matter and spoke on condition of anonymity, had requested proposals from investment banks earlier this year. It’s now working with the Swiss giant’s local team.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.Angira Bharadwaj is a co-editor of Street Talk. She covers IPOs, capital raises, mergers and acquisitions and other breaking news in Australia’s capital markets. Previously, she covered financial services, state, and federal politics. Send tips to @angirab.60 on encrypted messaging platform Signal.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?