25 March 2017
Visit EBAday.com

ANZ cashes in Visa shares

26 September 2012  |  1324 views  |  0 Source: ANZ

ANZ today advised that it has sold its remaining shareholding in Visa Inc. reflecting a continuing commitment to active management of capital across the Group.

ANZ's shareholding in Visa Inc. was received as part of the 2007 Visa Inc. Initial Public Offering. Approximately 3.5 million Visa Inc. shares have been sold by ANZ resulting in an after tax profit of $224 million. Consistent with the treatment of a previous tranche of Visa shares sold by ANZ in 2008, the gain will be treated as a non-core item in ANZ's 2012 financial results.

ANZ Chief Financial Officer Shayne Elliott said: "The industry-wide requirement to hold more capital means that ANZ will have to increasingly focus on managing returns to shareholders by building out the Group's strategy in the most capital efficient way. "The disposal of our Visa shares made sense given the non-strategic nature of the holding coupled with their less attractive capital treatment under Basel 3," Mr Elliott said.

ANZ also advised it is undertaking a review of asset valuations including software. It is expected that the outcome of this review together with certain costs associated with completion of the New Zealand Simplification Program will involve a non-core adjustment as part of ANZ's 2012 full year results that will offset the gain on Visa shares.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit abe-eba.eu

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57191 views comments | 15 tweets | 35 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
8958 views comments | 42 tweets | 25 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8674 views comments | 23 tweets | 37 linkedin
Westpac wants to take over your messaging keyboardWestpac wants to take over your messaging...
7115 views comments | 4 tweets | 10 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
7073 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job