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ANZ Seeks 100 Percent Control of Cambodia Operations

Author: Joahua Wilwohl, Cambodia Daily, Published on: 25 March 2014

…“ANZ would prefer to completely own 100 percent of its operations in Cambodia,” said ANZ Royal CEO Grant Knuckey. In order to own its bank in Cambodia outright, ANZ could either buy out Royal Group…or offload its shares and open a new bank...Mr. Knuckey’s comments follow a report…stating that ANZ wants to offload its majority stake in its Cambodia operations…[The] report went on to say that “partial stakes in Asian banks could be problematic because ANZ received only a portion of profits but had 100 percent of its reputation invested in the holdings.”…The report comes two months after allegations surfaced…that ANZ Royal had helped finance a refinery on a controversial sugar plantation in Kompong Speu—owned by CPP Senator Ly Yong Phat—that led to the forced eviction of hundreds of families...

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Related companies: ANZ Bank