ANZ Bank sells Asian as­sets to Sin­ga­pore’s DBS

The Myanmar Times - - International | Business -

ANZ Bank an­nounced yes­ter­day the sale of its re­tail and wealth man­age­ment arms in five Asian coun­tries to Sin­ga­pore’s DBS as it re­po­si­tions for the fu­ture.

The busi­nesses af­fected are in Sin­ga­pore, Hong Kong, China, Tai­wan and In­done­sia with the trans­ac­tion, sub­ject to reg­u­la­tory ap­provals, ex­pected to be fi­nalised by early 2018.

ANZ did not list the value of the as­sets but said the bank would take a A$265 mil­lion (US$200 mil­lion) net loss due to write­downs and var­i­ous other costs.

Chief ex­ec­u­tive Shayne El­liott said the com­pany was work­ing to be­come sim­pler and bet­ter cap­i­talised, al­low­ing it to fo­cus on cor­po­rate and in­sti­tu­tional clients in Asia.

“In re­tail and wealth, although we have grown a prof­itable busi­ness, with­out greater scale ANZ’s com­pet­i­tive po­si­tion is not as com­pelling.”

All of Aus­tralia’s big four banks say they are bat­tling higher fund­ing costs, lower in­ter­est mar­gins and ris­ing bad-debt charges at the mo­ment. –

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