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ANZ linked to potential acquisitions of Tokyo Star Bank, Aozora Bank

  • Maya Ando
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Australia and New Zealand Banking Group (ANZ) is reportedly looking to acquire Lone Star-controlled Tokyo Star Bank or Cerberus-owned Aozora Bank.

The Australian Financial Review reported that Japanese law firm Nagashima Ohno & Tsunematsu is working on the deal with Joyce Phillips, ANZ’s managing director. It also noted that the large deposits held by Japanese banks make them attractive targets for the likes of ANZ as they potentially allow for less reliance on offshore debt.

It was reported in July that Lone Star has begun preparations to divest its 30% stake in Tokyo Star Bank. A month earlier, Lone Star and other investors acquired Advantage Partners' shares in the distressed bank, which gave up its ownership stake due to difficulties in repaying debt.

Lone Star had been the owner of Tokyo Star Bank but sold the asset to Advantage Partners four years ago.

Cerberus first invested in Aozora in 2003 and currently holds a 49.8% stake. In 2009, merger negotiations took place with Shinsei Bank, which is owned by JC Flowers, but they couldn't agree on a deal.

An ANZ spokesman declined to comment specifically on the report but said the bank was always looking at options to advance its regional strategy, according to Reuters.

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