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ANZ Bank has sold its 55 per cent stake in the Cambodian joint venture with the Royal Group, ANZ Royal Bank, to J Trust, a Tokyo Stock Exchange-listed diversified financial holding company operating in five countries, including South Korea and Indonesia.
The big four bank had said in May that the sale was “in line with [the] ANZ Group’s ongoing strategic review of international partnerships, in order to simplify the business and operate wholly owned institutional businesses in the region”.
It was also previously announced that the proceeds of the sale (inclusive of transaction costs, taxes and the release of accumulated foreign currency translation reserves) equate to around $30 million loss for ANZ.
As a result of the sale, ANZ no longer has an operational presence in Cambodia.
ANZ has also sold its stakes in Metrobank Card Corp in the Philippines and Shanghai Rural Commercial Bank in China, as well as its Australian life insurance and superannuation businesses.
Despite all the divestments, Farhan Faruqui, ANZ’s group executive, international, previously commented: “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.”
[Related: ‘It’s just too hard’: ANZ CEO laments credit scrutiny]
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