ANZ plans Asia sale: report
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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.
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