Under the leadership of chief executive Shayne Elliott ANZ has been extricating itself from certain Asian market segments, selling down and unwinding previously lauded commitments into the region.
As was recently reported by finews.asia the potential merger of two Malaysian banks RHB Bank Bhd and AMMB Holdings Bhd (AmBank), offers ANZ a chance to dispose of its 23.8 percent stake in AmBank which is estimated to be worth about $1.2 billion.
Agreement in Principle
Malaysian publication «The Star» reports the Melbourne based bank is now closing in on a deal to sell its AmBank stake to a pension fund in a transaction that could be worth around $900 million.
ANZ is in talks to sell that stake to Malaysian retirement fund KWAP, which already owns small stakes in both RHB and AmBank, according to the article.
Tainted Wealth Fund
Both firms have apparently «agreed in principle» to the deal at a price equivalent to one time book value of AmBank.
AmBank was entangled in the alleged disappearance of billions of dollars from Malaysia's state investment fund 1MDB, another reason ANZ is known to be keen to dispose of the holding.
