Australia & new zealand banking group last week became the latest global bank to pull back from retail banking in Asia. ANZ said it would sell its wealth and retail bank business units in Singapore, Hong Kong, China, Taiwan and Indonesia to dbs bank. The sale, which is subject to regulatory approval, is at an estimated premium-to-net tangible assets on completion of S$110m (US$79m). ANZ said it would take a loss of A$265m (US$202m), including writedowns of software, goodwill and fixed assets, as well as separation and transaction costs. The bank also said it would raise its Tier 1 capital ratio by 15bp-20bp.
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