Australia’s ANZ sells 16% interest in AmBank

Australia’s ANZ sells 16% interest in AmBank

The Australia and New Zealand Banking Group Ltd’s sale is expected to reduce its shareholding in AmBank to 5.2%, aligning with its strategy of simplifying the bank.

Australia’s ANZ is expected to maintain one nominated director on the AmBank board following the divestment of 16.5% of the issued capital in AmBank.
PETALING JAYA:
Australia and New Zealand Banking Group Ltd (ANZ) has agreed to sell 16.5% of the issued capital in AMMB Holdings Bhd (AmBank) via a block trade at a price of RM3.85 per share.

In a statement, ANZ said the sale would reduce its shareholding in AmBank from 21.7% to 5.2% and is in line with ANZ’s strategy of simplifying the bank.

“The sale proceeds will increase ANZ’s Common Equity Tier 1 capital (CET1) ratio by approximately 16 basis points and are not expected to have a material impact on profit,” it said, adding the settlement is anticipated to occur on March 8.

Following the sale, ANZ said it will continue to have one nominated director on the AmBank board.

It also added that ANZ’s capital management considerations will include the capital release from this sale, subject to regulatory approvals.

As at 12.30pm, AmBank’s share price was down by 20 sen or 4.76% at RM4, giving it a market capitalisation of RM13.26 billion.

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