ANZ to Sell Shanghai Bank Stake

Shayne Elliott, ANZ CEO

Shayne Elliott, ANZ CEO

As part of CEO Shayne Elliott's recalibration of his banks Asian pivot, ANZ is about to offload its 20 percent holdings in the Shanghai Rural Commercial Bank.

According to a report in the Australian Financial Review (paywall) ANZ has instructed Goldman Sachs to find a buyer for its 20 percent stake in Shanghai Rural Commercial Bank by the end of the calendar year. The stake was valued at $1.98 billion in ANZ's last annual report.

Shayne Elliott has made no secret of his desire to unwind the banks Asian exposure to focus on domestic business.

One week ahead of releasing its annual results, ANZ has disclosed it will book charges totalling $360 million against its full-year after-tax profit.

The Melbourne based bank said its financial results will include a $168 million charge against revenue of its institutional markets business, after it changed the method of valuing derivative instruments.

ANZ Wealth Business Sale?

It will also take another $100 million hit because of «restructuring charges», related to the evolution of the group's strategy. It will outline more details related to this charge in its results.

ANZ reports its full-year earnings on November 3 2016 and investors expect to receive an update on the bank's intentions for the wealth business which includes operations in Hong Kong and Singapore.

 

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