ANZ sells Asian banking network

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.