Royal Group affirms its commitment to ANZ

31 March 2014
The Cambodia Daily
Banking and financial services / Banking and financial services policy and regulation / Economic policy and administration / Economy and commerce / Foreign investors / Government / Industries / Investment / Law and judiciary / Laws and regulations / Major banks / Ministries and other national bodies / National Bank of Cambodia
ANZ Royal Bank / Mark Hanna / Mike Smith / National Bank of Cambodia / National Bank of Cambodia (NBC) / Royal Group

Local conglomerate Royal Group said Tuesday that while it is committed to its partnership with Australia-based ANZ bank, it would entertain selling its stake in ANZ Royal Bank for “a very high offer.” “The Royal Group would like to clarify that it is a strong and committed partner to ANZ in Cambodia and will remain so,” Mark Hanna, chief financial officer of Royal Group, wrote in an emailed statement. The statement from Royal Group, whose chairman is well-connected businessman Kith Meng, comes in response to reports earlier this week that ANZ is seeking 100 percent control of its Cambodia operations. ... “Our position is that we like the bank and have no desire to sell. If they want to make a very high offer, it would be sensible to at least consider that. However, as it stands today, no offer has been discussed, and it is business as usual,” he [Mark Hanna] wrote. “With ANZ Royal being a very successful bank, it is natural that ANZ would like to own more of it. This has been ANZ’s position for some time, so this is not a new development, nor has it ever impacted Royal Group’s relationship with ANZ, which continues to be healthy.” ... In order to obtain full ownership of its local bank, ANZ could either buy out Royal Group, which owns 45 percent of the bank’s shares, or offload its shares and open a new bank, which would require a new license with the National Bank of Cambodia. ...

 Joshua Wilwohl
http://www.cambodiadaily.com/business/royal-group-affirms-its-commitment-to-anz-54904/