ANZ shares have gotten a boost after the lender said it was selling down its stake in a Filippino credit card joint venture for $184 million.
ANZ is selling half its 40 per cent stake in Metrobank Card Corporation to JV partner Metrobank and has the option to sell the remainder of its interest for the same price in the fourth quarter of the current financial year.
ANZ shares were up one per cent at $30.65 at 1145 AEDT on Thursday, making it the best performing of the big for banks.
Announcing the deal on Wednesday evening after the ASX had closed, ANZ said it had recognised $177 million of equity accounted earnings and $101 million in dividends from MCC since its original $14 million investment in 2003.
ANZ deputy chief executive Graham Hodges said the sale fitted with the bank's divestment strategy, but added that ANZ was committed to its institutional business in the Philippines.
"This has been a highly successful joint venture for both ANZ and Metrobank,' Mr Hodges said.
"The sale makes sense for ANZ given our continued efforts to simplify our business"
ANZ this week announced the sale of its superannuation and some financial planning businesses to financial services group IOOF for $975 million.
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