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ANZ Bank to offload Malaysia, China stakes

ANZ Bank is looking to offload its stakes in Malaysia’ AMMB Holdings (AmBank) up to around 24% as well as 20% stakes of China’s Shanghai Rural Commercial Bank. The sell off plans are in line with its startegy to exit minority stakes in Asia. ANZ’s stake in AmBank is valued at about US$820 million (S$1.1 billion) and its holding in the Shanghai bank is valued at almost US$1.5 billion. ANZ CEO Shayne Elliott, who took over at the beginning of 2016, is turning his focus back to the bank’s core home market, reversing past efforts to build a pan-Asian footprint.

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