You are using an older browser version. Please use a supported version for the best MSN experience.

ANZ to exit Cambodian venture with stake sale to Japan's J Trust

Reuters logo Reuters 17/05/2018

a close up of a sign: FILE PHOTO: File photo of the logo of ANZ on a local branch in Sydney © REUTERS/David Gray/File Photo FILE PHOTO: File photo of the logo of ANZ on a local branch in Sydney Australia and New Zealand Banking Group (ANZ.AX) has agreed to sell its 55 percent stake in a Cambodian joint venture to Japan's J Trust (8508.T), as the lender exits a string of minority holdings to streamline its capital requirements.

ANZ expects to log a loss of A$30 million ($22.59 million) following the divestiture, it said in a statement on Thursday.

The company did not disclose the value of the deal and said the transaction was approved by its joint venture partner, Cambodian conglomerate Royal Group, but remained subject to regulatory approval.

ANZ has been the most aggressive of Australia's top four banks to push into Asia, investing in 15 countries in the region from Malaysia to China. Several of ANZ's Asian bank stakes are minority holdings and it therefore would be required to hold more capital.

The bank had also announced the closure of its Philippine retail banking operations last year.

($1 = 1.3280 Australian dollars)

More From Reuters

image beaconimage beaconimage beacon