ANZ suffers $265m hit over Asia exit
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ANZ has taken a major step toward exiting Asian retail banking and wealth management with an agreement to sell businesses in five countries to Singapore’s DBS bank.
Australia’s fourth-largest lender on Monday said DBS will pay book value plus $110 million for assets in Singapore, Hong Kong, China, Taiwan and Indonesia.
Chief executive Shayne Elliott, who is undoing much of ANZ’s expansion into Asia under predecessor Mike Smith, said the sale represented the bulk of the bank’s regional retail and wealth management businesses – with remaining assets in Vietnam, Laos, Cambodia and the Philippines under review.
Mr Elliott said ANZ had not committed to further sales and would not be drawn on a timeline for a possible broader exit.
Questions & Answers
Q.Which specific Asian countries are included in the sale to DBS bank?
Which specific Asian countries are included in the sale to DBS bank?
ANZ is selling its retail banking and wealth management businesses in Singapore, Hong Kong, China, Taiwan, and Indonesia to DBS Bank. These five countries represent the bulk of the bank's regional retail and wealth management operations.
Q.How much is DBS Bank paying ANZ for the assets?
How much is DBS Bank paying ANZ for the assets?
DBS Bank will pay ANZ the book value of the assets, plus an additional $110 million. The total payment covers the retail and wealth management businesses being divested across the five Asian markets.
Q.Are there any remaining Asian assets that ANZ still holds?
Are there any remaining Asian assets that ANZ still holds?
Yes, ANZ still holds assets in Vietnam, Laos, Cambodia, and the Philippines. These remaining businesses are currently under review, but the bank has not committed to further sales at this time.
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