Australia’s ANZ selling remaining stake in Malaysia’s AmBank

By Andrei Skvarsky. ANZ, one of Australia’s largest banks, has agreed to sell its remaining 5.2 per cent stake in AmBank, one of the biggest lenders in Malaysia. ANZ would be paid 4.10 Malaysian ringgit ($0.87) per share in the deal, the Australian bank said in a statement. The upcoming sale, to be completed on […]

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By Andrei Skvarsky.

ANZ, one of Australia’s largest banks, has agreed to sell its remaining 5.2 per cent stake in AmBank, one of the biggest lenders in Malaysia.

ANZ would be paid 4.10 Malaysian ringgit ($0.87) per share in the deal, the Australian bank said in a statement.

The upcoming sale, to be completed on June 5, is part of an ANZ strategy to “simplify the Bank”, the statement quoted the Melbourne-headquartered lender’s chief financial officer Farhan Faruqui as saying.

On May 26, Fitch Ratings gave ANZ (Australia and New Zealand Banking Group Limited) and four other major Australian banks a one-notch upgrade of the long-term issuer default rating (IDR), which measures the risk of default for senior creditors.

On May 27, Fitch upgraded credit ratings on senior unsecured instruments issued by ANZ.

The other recipients of the IDR upgrade were Macquarie Bank, Commonwealth Bank of Australia (CommBank), National Australia Bank (NAB) and Westpac.

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