Australia’s ANZ sells 16.5% interest in Malaysia’s AmBank

The offer price is a discount of 8.3% to the closing price of AMMB's shares of 4.20 ringgit on Tuesday. ANZ's shareholding in AmBank will reduce to 5.2% from 21.7% once the sale is completed. The stake sale is in line with ANZ's strategy, which includes shrinking key business lines involving low-returning institutional loans and its exposure to retail and wealth banking in Asia as it looks to boost its return on equity.