Australia’s ANZ bank exits Cambodian joint venture

SYDNEY: Australian bank ANZ has sold its majority stake in a Cambodian joint venture to Japanese financial firm J Trust as it shifts focus away from Asia and onto core assets.

The Australian-listed company said late Thursday it would continue to own its 55 per cent stake and manage the joint venture – ANZ Royal Bank – for up to 12 months as it transfers the business to J Trust.

The bank has already divested its retail and wealth management arms in six Asian countries, and recently completed the sale of its stake in Shanghai Rural Commercial Bank.

“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 for its international arm Farhan Faruqui said in a statement late Thursday.

ANZ did not reveal the value of the deal but said it would record an estimated loss of A$30 million (US$22.5 million) after the sale is completed.

The sale is subject to regulatory approval from the National Bank of Cambodia and the country’s commerce ministry.

ANZ earlier this month reported a 14.2 per cent jump in interim net profit of A$3.32 billion (US$2.5 billion) for the six months to March 31.

Shares in ANZ were trading 0.38 per cent higher to A$28.10 mid-day in Sydney Friday. — AFP