ANZ drops Visa shares
The ANZ Bank has announced it has sold its remaining shareholding in Visa, in a move it calls a continuing commitment to active management of capital across the banking 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.
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.