It will sell its 55% stake in Cambodian JV ANZ Royal Bank.
ANZ has agreed to sell its 55% stake in Cambodian JV ANZ Royal Bank to Japanese financial holding company J Trust, in a move that follows a series of Asian divestments by the Australian lender.
“We view the business environment in Cambodia as attractive and recognise it’s an important growth economy in the ASEAN region, however the sale is in line with our efforts to exit minority investments and partnerships to focus on our Institutional business in Asia,” ANZ group executive Farhan Faruqui said in a media statement.
The proceeds inclusive of transaction costs, taxes and the release of accumulated foreign currency translation reserves equates to a circa $22.65m (AUD$30m) loss on sale completion for ANZ.
The bank has earlier announced stake sales in Metrobank Card Corporation in the Philippines and Shanghai Rural Commercial Bank in China, as well as its Australian life insurance and superannuation businesses.
“We remain committed to our Institutional presence in Asia. Our regional network is an important differentiator for ANZ and key to our ambition to be the best bank to support companies with trade and capital flows throughout the region,” Faruqui added.
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