ANZ Group will sell its stake in ANZ Royal Bank to Japan-based JTrust, who will acquire 55 percent of shares in the Cambodian joint venture.
The decision to sell its investment in the Cambodian bank follows ANZ Group’s desire to exit minority investments and partnerships to focus on building its institutional presence in Asia.
“We remain committed to our institutional presence in Asia. Our regional network is an important differentiator for ANZ and key to our ambition to be the best bank to support companies with trade and capital flows throughout the region,” Farhan Faruqui, an ANZ Group executive, said.
“This joint venture has been beneficial to both ANZ and Royal Group over the past 13 years, with ANZ Royal now a strong and successful bank,” he said, adding that the bank views the business environment in Cambodia as “attractive” and recognises it as an important growth economy in Asean.
Royal Group, who owns 45 percent of ANZ Royal, issued a statement in which he praised the bank’s performance under the leadership of ANZ and welcomed its new partner.
“Cambodia’s economy will continue its impressive growth and JTrust along with Royal Group will be actively involved in assisting this growth with the bank’s existing product portfolio as well as a range of new products,” Royal Group, who is owned by local businessman Kith Meng, said.