Australia’s ANZ exits Cambodian JV to Japan’s J Trust

ANZ
Pedestrians walk past a woman as she looks at her iPhone in front of a sign announcing a new branch of the Australia and New Zealand Banking Group Ltd. Photo: Reuters

Australia’s ANZ Banking Group announced that it has agreed to sell its 55 per cent stake in a Cambodian joint-venture to Japanese diversified financial holding company J Trust.

According to a media release, the decision to sell the stake in ANZ Royal Bank, a joint venture with Cambodian conglomerate Royal Group, is in line with the Australian banking major’s ongoing strategic review of international operations.

ANZ expects to report a loss of A$30 million ($22.59 million) on the divestment. The sale is still pending final regulatory approval from the National Bank of Cambodia and the Ministry of Commerce.

This follows ANZ announcements on the sale of its stakes in the Philippines’ Metrobank Card Corporation, Shanghai Rural Commercial Bank in China as well as the sale of its Australian life insurance and superannuation businesses.

ANZ will continue to own the 55 per cent stake and manage ANZ Royal business for up to 12 months, while working closely with Tokyo Stock Exchange-listed J Trust to ensure a smooth transition. J Trust has operations in five countries, including banking operations in South Korea and Indonesia.

“We view the business environment in Cambodia as attractive and recognise it’s an important growth economy in the Asean region. However, the sale is in line with our efforts to exit minority investments and partnerships to focus on our Institutional business in Asia,” said ANZ international group executive Farhan Faruqui.

Also Read:

ANZ considering IPO of asset finance unit after sale to HNA blocked

Indonesia bonds dealbook: Bank J Trust mulls $25m issue, Indosat Ooredoo plans $251.44m issue

Thai motorcycle leasing firm Group Lease to enter Indonesia in JV with J Trust