Australian and New Zealand Bank is selling its wholesale mortgage distribution business, Origin Mortgage Management Services, to Columbus Capital, for an undisclosed amount.

Origin provides funding for approximately A$2.2 billion (US$2.2 billion) of residential mortgages through a network of mortgage managers, who originate and manage the mortgages under their own brands.

"The sale is consistent with ANZ's focus on the growth of its own branded mortgage products and its disciplined approach to capital management," said ANZ in a statement.

ANZ has agreed to provide transitional services to Columbus Capital for up to 12 months following completion of the sale and the effect on existing borrowers funded by Origin is expected to be minimal.

Established in 2006, Columbus Capital is a diversified non-bank financial group focused on mortgage lending and funds management.

It comes in the midst of a number of strategic changes for Australia's fourth largest bank. In February it announced cuts of around 1,000 to reduce operating costs and get rid of "superfluous layers of management."

ANZ has also been gearing up in other areas, for example in China where it recently made two senior appointments for its research team. It also made a A$300 million (US$314 million) capital injection into its Chinese subsidiary in anticipation of growing its business there.