, Australia

ANZ disposes another Asian asset in Cambodian JV stake sale

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.

Also read: Australian banks speed up Asian retreat as competition and oversight mounts

“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.

Also read: Can trade finance plug the gap left by Australian banks' retreat from wealth?

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.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Philippine central bank eyes AI rules for banks
Artificial intelligence should not diminish banks’ responsibility to uphold data privacy.
Westpac appoints Kate Dee as chief people officer
She has been the chief people officer of Bupa Asia Pacific since 2018.
Retail Banking
SMBC inks MOU to explore commercialization of stablecoins
They will explore technical, regulatory, and market infrastructure requirements for it.

Exclusives

Philippine central bank eyes AI rules for banks
Artificial intelligence should not diminish banks’ responsibility to uphold data privacy.
RCBC boosts rural presence with ATM Go
The service, which allows cardless transfers, is now available in all Philippine cities.
BCA superapp drives digital transaction growth
Inter-account transfers were the most widely used service, followed by virtual payments.