ANZ writes down AmBank stake after 1MDB settlement

Australia's fourth-largest lender will take a A$212 million ($163.41 million) haircut in the carrying value of its 24% stake in AmBank.

SYDNEY: Australia and New Zealand Banking Group said on Monday it will write down the value of its investment in AMMB Holdings Berhad (AmBank) after the Malaysian bank settled a claim linked to the massive financial scandal at state fund 1MDB.

Australia's fourth-largest lender will take a A$212 million ($163.41 million) haircut in the carrying value of its 24% stake in AmBank that will lower its half year earnings result for fiscal 2021, it said in a statement to the exchange.