Australia & New Zealand Banking Group Ltd. agreed to sell its entire stake in Cambodian joint venture ANZ Royal Bank (Cambodia) Ltd., as part of its efforts to exit minority investments and partnerships to focus on its institutional business in the region.
As part of the proposed deal, ANZ Funds Pty Ltd. will sell a 55% stake, or 412,500 shares, in ANZ Royal Bank to Japan-based J Trust Co. Ltd. for about ¥11.4 billion, which includes advisory fees. ANZ expects to report a loss of about A$30 million after the sale.
ANZ Royal Bank was established in 2005 as a joint venture between ANZ unit ANZ Funds and Royal Group Finance Co. Ltd., a subsidiary of Cambodia-based Royal Group of Cos. Ltd. The Cambodian company holds the remaining 45% stake in the venture.
J Trust said the deal is expected to close in May 2019.
The transaction is subject to approval from the National Bank of Cambodia and the Ministry of Commerce. Royal Group has already approved the deal, ANZ said.
Following completion of the acquisition, ANZ Royal Bank's name will be changed and it will become a consolidated subsidiary and specified subsidiary of J Trust.
As of May 16, US$1 was equivalent to ¥ 110.26.
