ANZ plans Asia sale: report

Japanese bank reportedly interested in Indonesian bank stake.

Australia and New Zealand Banking Group (ANZ) may be about to sell its stake in an Indonesian bank, Reuters reported.

Sources told the publication Japanese bank Mizuho Financial Group Inc approached ANZ to buy its 39.2% stake in PT Bank Pan Indonesia Tbk.

Mizuho seeks to expand in southeast Asia and ANZ chief executive officer Mike Smith previously said he would be open to selling some Asian bank stakes.

Proposed new regulation would require ANZ to hold more capital due to its minority holdings in Asia.

ANZ's stake is worth around $668 million, analysts told Reuters.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles