ANZ to Sell Retail and Wealth Businesses in Five Asian Countries. AUD 28 FVE Unchanged
Australia and New Zealand Banking Group is backtracking on part of its Asian growth strategy with the sale of five retail and wealth businesses to Singapore-based DBS Bank Limited. ANZ Bank is selling businesses in Singapore, Hong Kong, China, Taiwan and Indonesia. The fate of the four remaining retail and wealth businesses in the Philippines, Vietnam, Cambodia and Laos, is under review and we expect a similar outcome. ANZ Bank will book a net loss on sale of AUD 265 million in fiscal 2017. The ...Australia and New Zealand Banking Group provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. Co. operates on a divisional structure with six divisions: Australia, Institutional, New Zealand, Wealth Australia, Asia Retail & Pacific and Technology Services & Operations and Group Centre. Co.'s core products offered include deposits, credit cards, loans, investments and insurance, retail products provided to consumers, and banking and financial solutions provided to business customers through managers, among others. As of Sept 30 2015, Co. had total assets of A$914,869,000,000 and total deposits of A$566,847,000,000.
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