ANZ is exiting a joint venture in the Philippines, continuing with its dilution of Asian based wealth and retail business units.
Under chief executive Shayne Elliott the Melbourne headquartered banking group has been «simplifying» its business. In the latest divestment ANZ will exit a near $200 million stake in the Philippines-based Metrobank Card joint venture. The sale of a 20 percent stake to joint venture partner Metropolitan Bank and Trust Company (Metrobank), for $144 million, may precede a decision for ANZ to exit its holding entirely.
ANZ has also entered a put option which will enable it to sell its remaining 20 per cent stake to Metrobank, which can be exercised in the fourth quarter of the financial year 2018.
Earlier this week after a protracted auction process the bank sold part of its domestic wealth business to IOOF Holdings. Based on Elliott's desire to extricate the bank from the Asian expansion by previous chief executive Mike Smith and the fact that regulators are forcing banks to hold more capital, the option looks likely to go ahead.
