ANZ Bank sells Asian assets to Singapore’s DBS
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. –