This content is from: Innovation

ANZ In Talks To Buy Aozora Bank

Australia & New Zealand Banking Group is in discussions to acquire a stake in midsize Japanese lender Aozora Bank.

Australia & New Zealand Banking Group (ANZ) is in discussions to acquire a stake in midsize Japanese lender Aozora Bank, The Wall Street Journal reports. U.S. investment firm Cerberus Capital Management had a stake of about 55 percent in Aozora as of March 31.

Tokyo-based Aozora, which has a market value of $4 billion, has 20 branches across Japan and two overseas representative branches with total assets of $63 billion. ANZ aims to get 25 percent to 30 percent of its profit from its Asian-Pacific, European and American business by 2017, which currently accounts for 14 percent.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Bloomberg.

Related Content