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ANZ to divest stake in Philippine credit card JV

Australia & New Zealand Banking Group Ltd. agreed to sell a 20% stake in Philippines-based credit card joint venture Metrobank Card Corp. to partner Metropolitan Bank & Trust Co., or Metrobank, for US$144 million.

The Australian bank, which holds a 40% stake in Metrobank Card, also entered into a put option to sell its remaining 20% stake in the joint venture to Metrobank on the same terms for the same consideration. The put option is exercisable in the fourth quarter of fiscal 2018.

If the put option is exercised, the total sale price for ANZ's entire 40% stake in Metrobank Card will be US$288 million. Metrobank currently holds the remaining 60% stake in Metrobank Card.

The deal is subject to the necessary regulatory approvals.