ANZ in talks to buy Cerberus’ Aozora Bank stake – report
Australia and New Zealand Banking Group (ANZ) has begun negotiations to buy Cerberus Capital’s 50% stake in Aozora Bank, Reuters reported, citing two sources familiar with the situation. ANZ is said to be attracted by the Japanese lender’s strong deposit base and the potential for tapping trade flows between Australia and Japan.
Yesterday it was reported that ANZ was looking to acquire Aozora or Lone Star-controlled Tokyo Star Bank. The bank is supposed to have engaged Japanese law firm Nagashima Ohno & Tsunematsu to work on a deal with Joyce Phillips, ANZ's managing director. An ANZ spokesman declined to comment specifically on the report but said the bank was always looking at options to advance its regional strategy.
Aozora, which has a market value of $4.2 billion, operates 20 branches and two overseas representative offices with total assets of JPY4.85 trillion ($63 billion). It focuses on lending to corporate, which is said to fit in with ANZ's strategy to leverage links with companies in Asia.
The bank wants regional business to account for up to 30% of group profit by 2017. It has already invested nearly $6 billion with a view to expanding its institutional, trading and wealth advisory operations. Some of RBS' Asian assets were acquired in 2009 for $550 million, but a $4 billion bid for control of Korea Exchange Bank failed last year.
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.
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