Australia & New Zealand Banking Group Ltd. completed the sale of its 55% stake in its joint venture ANZ Royal Bank (Cambodia) Ltd. to Japan's J Trust Co. Ltd.
Due to the acquisition, ANZ Royal Bank (Cambodia) became a consolidated subsidiary of J Trust and was renamed as J Trust Royal Bank Ltd., according to an Aug. 19 release from the Japanese company.
ANZ in May 2018 agreed to sell its 55% stake in the joint venture to J Trust for about ¥11.4 billion. Cambodia's Royal Group Finance Co. Ltd. owns the remaining 45% stake in the venture.
As of Aug. 16, US$1 was equivalent to ¥106.32.