ANZ weighing sale of 24% stake in Malaysia's AmBank: Sources

Office workers pass an ANZ Bank sign in central Sydney in this April 24, 2008 file photo.
Office workers pass an ANZ Bank sign in central Sydney in this April 24, 2008 file photo.PHOTO: REUTERS

SINGAPORE/SYDNEY (REUTERS) - ANZ Banking Group is weighing the sale of its 24 per cent stake in Malaysian lender AMMB Holdings Bhd (AmBank) as Australia's No 4 bank steps up efforts to exit minority stakes in Asia, four people familiar with the matter said.

ANZ's stake in Malaysia's sixth-biggest lender is valued at about US$820 million (S$1.11 billion). It first bought a 13.5 per cent stake in 2006, boosting it to nearly 24 per cent in 2007.

ANZ CEO Shayne Elliott is turning his focus back on the bank's core home market, reversing past efforts to build a pan-Asian footprint.

ANZ and AmBank declined to comment.