ANZ will continue to own its 55% stake and manage the ANZ Royal business for up to 12 months, working closely with J Trust to ensure a smooth transition of ownership.

The proceeds inclusive of transaction costs, taxes and the release of accumulated foreign currency translation reserves equates to a circa AUD$30 million loss on sale completion for ANZ.

The transaction has been approved by the Royal Group, but remains subject to final regulatory approval from the National Bank of Cambodia and the Ministry of Commerce.

ANZ’s Institutional Bank has a presence in 15 different markets in Asia and was ranked as a top four corporate bank in the region by Greenwich Associates in 2017