May 17, 2018 / 9:57 AM / in 10 months

ANZ to exit Cambodian venture with stake sale to Japan's J Trust

FILE PHOTO: The logo of Australia and New Zealand Banking Group Ltd (ANZ) is pictured on a local branch in Sydney in this April 30, 2014 file photo. REUTERS/David Gray/File Photo

(Reuters) - Australia and New Zealand Banking Group (ANZ.AX) has agreed to sell its 55 percent stake in a Cambodian joint venture to Japan’s J Trust (8508.T), as the lender exits a string of minority holdings to streamline its capital requirements.

ANZ expects to log a loss of A$30 million ($22.59 million) following the divestiture, it said in a statement on Thursday.

The company did not disclose the value of the deal and said the transaction was approved by its joint venture partner, Cambodian conglomerate Royal Group, but remained subject to regulatory approval.

ANZ has been the most aggressive of Australia’s top four banks to push into Asia, investing in 15 countries in the region from Malaysia to China. Several of ANZ’s Asian bank stakes are minority holdings and it therefore would be required to hold more capital.

The bank had also announced the closure of its Philippine retail banking operations last year.

Reporting by Ambar Warrick in Bengaluru; Editing by Muralikumar Anantharaman

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