ANZ Sells Its Asian Assets to Singapore-based DBS
ANZ announced today it had sold its retail and wealth management arms in Singapore, Hong Kong, China, Taiwan and Indonesia to DBS Bank as it winds back its Asian presence.
While the bank's Asian assets were sold at $110 million above the book value, ANZ confirmed it will take a $265 million net loss in its accounts, including write-downs for software, goodwill and fixed assets, as well as various transaction costs.
ANZ's chief executive Shayne Elliott said the move was aimed at focusing on markets where the bank had a competitive advantage: "This transaction simplifies our business while allowing us to continue to benefit from higher levels of growth in the region through a focus on our largest, most successful business in Asia - banking large corporate and institutional clients driven by trade and capital flows, particularly with Australia and New Zealand."
Click here to read more about ANZ’s Asian strategy.
