31 Oct '16, 12am

ANZ sells Asian retail bank to Singapore's DBS

ANZ sells Asian retail bank to Singapore's DBS

ANZ sells Asian retail bank to Singapore's DBS By business reporter Michael Janda Posted October 31, 2016 11:12:41 Photo: ANZ is shifting its focus onto its Australasian retail operations and institutional banking in Asia. (Nic MacBean, file photo: ABC News) Map: Australia ANZ is selling its retail banking operations in five Asian nations to Singapore's DBS Bank, and will book a $265 million net loss on the deal. The Australian bank has been looking to back away from the Asian strategy instituted by former chief executive Mike Smith since new boss Shayne Elliott took over at the end of last year . Both banks say the sale price is around $110 million above the book value of ANZ's retail banking and wealth management businesses in Singapore, Hong Kong, China, Taiwan and Indonesia. However, ANZ has confirmed it will book a loss of approximately $265 million in its accounts fr...

Full article: http://www.abc.net.au/news/2016-10-31/anz-sells-asian-ret...

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