Australia and New Zealand Banking Group (ANZ) is reportedly exploring options to sell its 55% stake in Cambodian banking JV, known as ANZ Royal Bank.
ANZ CEO Mike Smith was quoted by Reuters as saying, "We got out of a relationship, a small relationship, in Vietnam.
"We would like to do the same in Cambodia. I’d much rather have a wholly owned business in these places."
ANZ Royal Bank operates as JV between ANZ and Cambodia’s Royal Group of Companies.
He further said that holding minority stakes in Asian banks is not viable in business perspective, as it does not contribute substantially to group profits.
ANZ is looking to strengthen its presence in Thailand and Myanmar as well as in India. ANZ is reportedly planning to launch an Indian banking subsidiary, but is awaiting policy eases from the Reserve Bank of India (RBI).