ANZ 'nears deal to sell Malaysian bank stake'

12 Jul 2017 8:30 AM | Anonymous

Australia and New Zealand Banking Group (ANZ) is near a deal to sell its Malaysian banking stake to a pension fund and exit the Southeast Asian nation, sources familiar with the matter said, in a transaction that could be worth around US$900 million (S$1.24 billion).

ANZ has been pursuing a sale of its 24 per cent stake in its affiliate AMMB Holdings (AmBank) since early last year as part of a strategy to divest minority stakes in Asia and as AmBank was dragged into a corruption scandal at state fund 1Malaysia Development Bhd (1MDB).

In June, RHB Bank and AmBank said they were starting merger talks, in Malaysia's biggest banking deal. As part of the all-share deal, valued at about US$9 billion, RHB is looking to acquire AmBank and the two banks are in exclusive talks until end-August. ANZ's stake is expected to be roughly 10 per cent in the merged entity.


Source: www.straitstimes.com

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