WELLINGTON: Australia and New Zealand Banking Group will launch a formal process this week to sell its 39 percent stake in Indonesia’s Panin Bank, hoping to raise nearly A$1 billion ($740 million) to boost its capital position, The Australian newspaper reported on Monday.
Putting the stake up through a formal auction highlights the bank’s keenness to accelerate its exit from Panin, the newspaper said. An ANZ spokesman did not immediately respond to requests for comment from Reuters.
Australian banks are scrambling to raise capital and sell assets after a domestic regulator ordered them to set aside more reserves against their oversized mortgage books. ID:nL4N0XX5S0]
On Thursday, ANZ unveiled an A$3 billion ($2.2 billion) share sale. It is also in the final stages of selling its car dealer finance business.
