11 December 2016
Visit aciworldwide.com

ANZ cashes in Visa shares

26 September 2012  |  1274 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 aciworldwide.comFind out moreVisit VocaLink.com

Top topics

Most viewed Most shared
China tops world fintech rankingsChina tops world fintech rankings
9009 views comments | 39 tweets | 32 linkedin
EBA bends under weight of PSD2 mandatesEBA bends under weight of PSD2 mandates
8452 views comments | 38 tweets | 48 linkedin
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
8111 views 12 comments | 15 tweets | 27 linkedin
PSD2 will transform the payments landscapePSD2 will transform the payments landscape
7419 views comments | 24 tweets | 13 linkedin
N26 opens up to 17 European countriesN26 opens up to 17 European countries
6985 views comments | 16 tweets | 22 linkedin

Featured job

to Six-Figure Base, Commission, Benefits
London, UK

Find your next job