ANZ sells Asian bank­ing net­work

China Daily (USA) - - BUSINESS -

The Aus­trali­aNewZealand Bank­ing Group an­nounced that it has sold its Asian re­tail bank­ing op­er­a­tions. The sale, an­nounced at ANZ’s head­quar­ters in­Mel­bourne, marked the most sig­nif­i­cant roll­back of the bank’s ex­pan­sion into Asia since for­mer CEOMike Smith an­nounced the am­bi­tious strat­egy in 2009. Sin­ga­pore’s DBS Bank bought ANZ’s re­tail op­er­a­tions in the re­gion for a price that both sides agreed was $83 mil­lion above the mar­ket price.

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