ANZ Banking Group exits Cambodia

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ANZ Banking Group exits Cambodia

Postby ricecakes » Thu May 24, 2018 7:32 am

....and takes a $30m bath in the process.

still....at least they won't have to deal with that swarthy little red wine sculling rice wog any more. :cheers2:
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Re: ANZ Banking Group exits Cambodia

Postby Miguelito » Thu May 24, 2018 8:49 am

Rumors have been swirling for a long time about what would happen to ANZ Royal. There have certainly been a few scandals that the board back in Australia haven't appreciated. It's actually a good example of the challenges for Western companies to come and do this large of business here, and is telling that an Asian firm bought them out.

From the Post:

Japan's largest bank acquired more than half of ANZ’s shares in Cambodia on Thursday, according to a statement from Kith Meng’s Royal Group.

Japan's JTrust Bank, announced that they had acquired a 55% of stake in ANZ Royal Bank.

According to a Royal Group statement, JTrust Bank listed on the Tokyo Stock Exchange, reached a formal agreement to buy the stake in ANZ Royal Bank from Australia’s ANZ Group.

JTrust Bank operates in Japan, South Korea, Indonesia, Thailand and Cambodia, and has been established for more than 40 years.
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Re: ANZ Banking Group exits Cambodia

Postby Spigzy » Thu May 24, 2018 10:25 am

It went to the dogs after Higgins left as CEO, an exit was inevitable after the plebs at Melbourne HQ announced their plans to put their greater Mekong strategy in the rubbish bin. That they (ANZ) sold Wing for peanuts and a year later it was moving literally billions around the country & profitable just further underlines the ineptitude and level of interference from Australia that held both back.

The only saving grace is the level of training they brought to the earlier team last decade; nearly every other foreign bank or insurance company is built on the Khmer staff trained by ANZ. The ANZ impact on the financial industries of Cambodia cannot be understated.
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Re: ANZ Banking Group exits Cambodia

Postby aem » Thu May 24, 2018 12:36 pm

friend of mine has an account there. time to move on or will it be business as usual because of the takeover?
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Re: ANZ Banking Group exits Cambodia

Postby Miguelito » Thu May 24, 2018 4:29 pm

aem wrote:friend of mine has an account there. time to move on or will it be business as usual because of the takeover?


I'm not sure at the moment. I'm leaving my account open for the time being, as long as the internet banking and transferring stays the same I'm happy with them.
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Re: ANZ Banking Group exits Cambodia

Postby ផោមក្លិនស្អុយ » Thu May 24, 2018 4:53 pm

aem wrote:friend of mine has an account there. time to move on or will it be business as usual because of the takeover?

Sorry to tell you but your mates money is gone already.
That was part of the terms of the purchase, the buyer gets to keep all deposits.
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Re: ANZ Banking Group exits Cambodia

Postby aem » Thu May 24, 2018 6:32 pm

ផោមក្លិនស្អុយ wrote:
aem wrote:friend of mine has an account there. time to move on or will it be business as usual because of the takeover?

Sorry to tell you but your mates money is gone already.
That was part of the terms of the purchase, the buyer gets to keep all deposits.


:axe:
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Re: ANZ Banking Group exits Cambodia

Postby Lucky Lucan » Thu May 24, 2018 9:37 pm

I see the Royal Group is pushing ahead with its much-delayed Royal One skyscraper on the corner of Russian Federation and Monivong, the car dealers and everything else on that site were flattened recently.

https://www.realestate.com.kh/royal-one ... ium/25802/
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Re: ANZ Banking Group exits Cambodia

Postby ricecakes » Wed May 30, 2018 3:35 pm

Spigzy wrote:It went to the dogs after Higgins left as CEO, .


ironic he made some dough engineering the sale no ? :bravo:
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