ANZ in no hurry to sell AMMB stake

ANZ has not yet begun formal processes to complete the divestment of its 24% stake in AMMB Holdings Bhd. ANZ continues to generate returns through its stake and is set to enjoy a comfortable margin following the sale as the AMMB share price has risen considerably since ANZ bought into the company in 2006. While the shares remain in good shape, ANZ are looking to exit the Asian market in a coordinated move away from the banks pre-financial crash mindset.

PETALING JAYA: Australia and New Zealand Banking Group Ltd (ANZ) appears to be in no hurry to complete the divestment of stakes in banks in Asia, including a 24% stake in AMMB Holdings Bhd , the Financial Times reported.

The FT quoting ANZ’s new chief executive Shayne Elliott (pic) said the banking group’s cost of equity was 9%.