Australia and New Zealand Banking Group Ltd Offloading certain assets to focus on core business
Offloading certain assets to focus on core business: Australia and New Zealand Banking Group Ltd (ASX: ANZ) has announced for interest payment details for CNY 2.5 billion 4.75% fixed rate subordinated notes due January 2025. ANZ also reported about selling of UDC Finance to China’s HNA Group for $660 million. In addition, the group had reached an agreement to sell its 20% stake in Shanghai Rural Commercial Bank (SRCB) to China COSCO Shipping Corporation Limited and Shanghai SinoPoland Enterprise Management Development Corporation Limited. Based on the agreement, COSCO and Sino-Poland Enterprise would each acquire 10% of SRCB for a total consideration to ANZ of RMB9,190 million (A$1,838 million). With this sale, ANZ would enhance their APRA CET1 capital ratio by about 40 basis points. ANZ has a decent dividend yield and is trading at a reasonable P/E.
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