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ANZ completes Asian retail and wealth sale

Stuart Condie  |  15 Feb 2018Text size  Decrease  Increase  |  
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SYDNEY - [AAP] Australian and New Zealand Banking Group's (ASX: ANZ) divestment program has continued with the completed sale of its retail and wealth businesses in six Asian countries.

Australia's fourth-largest lender, which announced the deals in 2016, on Thursday said it had transferred the businesses in Indonesia, China, Hong Kong, Taiwan and Singapore to Singapore's DBS Bank, and had also finalised the sale of its Vietnamese retail business to Shinhan Bank.

ANZ group executive Farhan Faruqui said the move would allow the bank to better target its focus.

"With the sale of these retail businesses in Asia now finalised, we can further strengthen our focus on supporting large corporate and institutional customers moving goods and capital across the region," he said in a statement.

ANZ has been continually streamlining its business since Shayne Elliott became chief executive in January 2016, building capital and focusing on its domestic markets.

It has also offloaded its consumer credit insurance business to international insurance giant Zurich for $2.85 billion, but the sale of its New-Zealand finance business to Chinese logistics company HNA Group was blocked by NZ regulators in December.

At 1140 AEDT, ANZ shares were up 26 cents, or 0.9 per cent, at $27.90.

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© 2021 Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.

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