ANZ considering sale of AmBank stake

SINGAPORE: ANZ Banking Group is weighing the sale of its 24% 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 $820 million. It first bought a 13.5 percent stake in 2006, boosting it to nearly 24 percent 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. - Reuters