The sale is aimed at exit of legacy equity holdings in the Asian bank, in which it owns a 39% stake,reported The Australian.
The bank was reportedly engaged in talks with Japan’s Mizuho Financial Group over a sale earlier. However, the offer reportedly fell through after Mizuho offered to buy ANZ’s Panin stake at $795m.
The move follows ANZ’s announcement that it will increase its capital base by around A$3bn ($2.2bn) through share placement to meet the new requirements that have been implemented by the regulators.
Investment bank Goldman Sachs that is assisting ANZ with the sale process said that in wake of its increase in equity, ANZ would be required to raise another $3.3bn for a common-equity tier-one capital ratio of 10%.
ANZ is also currently in the process of divesting its Esanda car dealer finance business.
The bank has shown its eagerness in exiting its Asian equity holdings after the revision of rules that requires ANZ to deduct its holdings from the group’s tier-one capital instead of the earlier 50%.
Image: The ANZ Centre located in Melbourne. Photo: courtesy of Australia and New Zealand Banking Group Limited.
