I've heard rumors that ANZ will be pulling out of Cambodia next year.
This follows reports earlier this year of ANZ distances itself from Cambodian partner because ANZ's partner in Cambodia accused by police of illegal logging, and follows reports in 2016 that ANZ may not stay in local market.
Despite the bad press of the above, I heard they're actually pulling out because they were giving loans to the sugar cane industry, which in turn relied upon labor of children under 18 years old, so ANZ wanted to distance itself from that.
Anyone have further insights in this? Needless to say, this is prompting me to switch banks.
ANZ to close?
I don't think they're going to close, they just appointed a new CEO last week.
Certainly they want out of the consumer business as licenses are being given out like confetti & they, plus the MFIs generally, all want to play in the top 10% wealth group - I think ANZR has stated that previously somewhere. But also regionally they've pulled out as they reversed their "Greater Mekong Strategy" & Asian markets in general.
In other countries they've sold out to DBS as far as I've seen; but no other ANZ market is like Cambodia - ANZ Royal is the only joint venture, something Mike Smith back in his day vowed never to repeat. So Cambodia is in an odd situation where the bank doesn't want to be here, and nobody wants to buy 55% and get into bed with the other guys. I don't think the other guys will sell their 45% either, so it's all a bit of a stalemate - all the while the value of both probably dwindles; but then I don't think ANZR has much left in the way of retail business anyway after all the new account limits & fees set to deliberately try to get out of that business. Their institutional/corporate side would still be rock solid I'm guessing & would see it chugging along quietly with some level of retail operation until somebody resolves the joint ownership dilemma - maybe the other guys will buy out ANZ & just make it Royal Bank; I can only pray they don't add "of Scotland" to the end of that - as a former employee of that complete dog's dinner of a bank, it'd be the end!
Certainly they want out of the consumer business as licenses are being given out like confetti & they, plus the MFIs generally, all want to play in the top 10% wealth group - I think ANZR has stated that previously somewhere. But also regionally they've pulled out as they reversed their "Greater Mekong Strategy" & Asian markets in general.
In other countries they've sold out to DBS as far as I've seen; but no other ANZ market is like Cambodia - ANZ Royal is the only joint venture, something Mike Smith back in his day vowed never to repeat. So Cambodia is in an odd situation where the bank doesn't want to be here, and nobody wants to buy 55% and get into bed with the other guys. I don't think the other guys will sell their 45% either, so it's all a bit of a stalemate - all the while the value of both probably dwindles; but then I don't think ANZR has much left in the way of retail business anyway after all the new account limits & fees set to deliberately try to get out of that business. Their institutional/corporate side would still be rock solid I'm guessing & would see it chugging along quietly with some level of retail operation until somebody resolves the joint ownership dilemma - maybe the other guys will buy out ANZ & just make it Royal Bank; I can only pray they don't add "of Scotland" to the end of that - as a former employee of that complete dog's dinner of a bank, it'd be the end!
Meum est propositum in taberna mori,
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
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i remember reading about this a few years ago,ANZ wants out of the partnership,not sure why its taking so long,i still have an account with them just for ease of getting extra cash if needed,plus they have some great looking ladies working there:)
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What Spigzy said.
They can’t just pull out of their JV unless bought out. And I can’t see anyone offering value for that.
They can’t just pull out of their JV unless bought out. And I can’t see anyone offering value for that.
The Royal Group do have a lot of fingers in a lot of pies, don't they.
BMW Cambodia
Cellcard
ANZ Royal Bank
The Royal Sands Koh Rong
Giant Ibis Transport
Wing Cambodia
CTN TV
Royal Cambodian Limousine
Royal Railway CO., LTD
Helicopters Cambodia
Ezecom
Cambodian Life Insurance Company PLC
Cellcard Finance
Infinity General Insurance PLC
Hotel Cambodiana
Kampuchea Food Corporation CO., LTD
Northbirdge Communities CO., LTD
North Park Condominium
Southbridge International School Cambodia
Yong Sheng Global Trading
Northbridge Development CO., LTD
Global Security Solutions
Rock Entertainment Centre
TITAN KING CASINO.CORP
Royal Financial Corporation Co., Ltd
BMW Cambodia
Cellcard
ANZ Royal Bank
The Royal Sands Koh Rong
Giant Ibis Transport
Wing Cambodia
CTN TV
Royal Cambodian Limousine
Royal Railway CO., LTD
Helicopters Cambodia
Ezecom
Cambodian Life Insurance Company PLC
Cellcard Finance
Infinity General Insurance PLC
Hotel Cambodiana
Kampuchea Food Corporation CO., LTD
Northbirdge Communities CO., LTD
North Park Condominium
Southbridge International School Cambodia
Yong Sheng Global Trading
Northbridge Development CO., LTD
Global Security Solutions
Rock Entertainment Centre
TITAN KING CASINO.CORP
Royal Financial Corporation Co., Ltd
Massive stalker
Maybe my maths is off*, but I'd put a valuation around the $270m mark - just for ANZs 55%. That's a pretty daunting figure that no local presumably can afford, and with such fierce competition in the banking arena fighting over 10% of the population I doubt many internationals are giving it a second look.
*From what I can determine, book value of the ANZ 55% is around $90m, throw in a sale multiplier that can range perhaps all the way up to 3x for decent performing banks (and ANZR has 2%+ return on assets, quite healthy), and you can see that it is out of reach of most. In other ANZ sells offs in the region, DBS was throwing in $100m on top of book value, even in this case that's still best part of a $200m purchase - and you still have to get into bed with a local JV partner.
Could simply be a case of "Same Same, but Same" for quite some time to come.
** Valuing banks is not my specialty - definitely bow to anyone else with a more comprehensive calculation; I know there's some closet high flyers here who probably have the skill set to give it a proper stab!
*From what I can determine, book value of the ANZ 55% is around $90m, throw in a sale multiplier that can range perhaps all the way up to 3x for decent performing banks (and ANZR has 2%+ return on assets, quite healthy), and you can see that it is out of reach of most. In other ANZ sells offs in the region, DBS was throwing in $100m on top of book value, even in this case that's still best part of a $200m purchase - and you still have to get into bed with a local JV partner.
Could simply be a case of "Same Same, but Same" for quite some time to come.
** Valuing banks is not my specialty - definitely bow to anyone else with a more comprehensive calculation; I know there's some closet high flyers here who probably have the skill set to give it a proper stab!
Meum est propositum in taberna mori,
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
+Mohaleap Lottopedros wrote:The Royal Group do have a lot of fingers in a lot of pies, don't they.
Meum est propositum in taberna mori,
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
If they are trying to be rid of their retail customers they are going the right way about it. Their website and internet banking is from the 90s, no mobile ap, the local branch near us that is open till 4pm usually has the doors locked by 3.30pm, etc etc.
We keep one account with about 1k in it because they have comparatively low fees for inward transfers.
Apart from that, it's ABA all the way.
We keep one account with about 1k in it because they have comparatively low fees for inward transfers.
Apart from that, it's ABA all the way.
TheGrimReaper wrote: ↑Mon Sep 02, 2019 1:45 pmSlavedog, you do not belong on this forum as you talk too much sense.
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I actually don't mind their internet banking - super easy to make transfer abroad. You have to log in with their security fob, so I haven't even tried on the phone though.slavedog wrote:If they are trying to be rid of their retail customers they are going the right way about it. Their website and internet banking is from the 90s, no mobile ap, the local branch near us that is open till 4pm usually has the doors locked by 3.30pm, etc etc.
We keep one account with about 1k in it because they have comparatively low fees for inward transfers.
Apart from that, it's ABA all the way.
ANZ has lost many hundreds of millions in Asia over the last ten years. They tried to play with the big boys and failed, banking in Australia is easy. The big four banks made 32 billion of profit last year in a country of 24 million people.
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