ANZ in no hurry to sell AMMB stake

Shayne Elliott, chief executive officer of Australia & New Zealand Banking Group Ltd. (ANZ), poses for a photograph at the companys headquarters in Melbourne, Australia, on Tuesday, May 3, 2016. ANZ shares surged the most in two months as new CEO Elliotts plans to shrink the lenders Asian business further and write down the value of some of its assets offset the lowest half-year profit in six years. Photographer: Mark Dadswell/Bloomberg Local Caption Shayne Elliott

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%.