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ANZ Group pulls out of Cambodian joint venture
May 18, 2018
ANZ Group will sell its stake in ANZ Royal Bank to Japan-based JTrust, who will acquire 55 percent of shares in the Cambodian joint venture.

The decision to sell its investment in the Cambodian bank follows ANZ Group’s desire to exit minority investments and partnerships to focus on building its institutional presence in Asia.

“We remain committed to our institutional presence in Asia. Our regional network is an important differentiator for ANZ and key to our ambition to be the best bank to support companies with trade and capital flows throughout the region,” Farhan Faruqui, an ANZ Group executive, said.
https://www.khmertimeskh.com/50491053/a ... t-venture/

The ANZ foray in SEAsia has been a disaster. Hundreds of millions lost.When one looks at the quality of management in the ANZ in Cambodia over the last ten years one can see why.
Scandal after scandal was covered up as service standards nosedived. I remember the old American guy who had a huge sum in his term deposit stolen by a senior Khmer employee of the bank.
He was actually thrown out of the CEOs office when he demanded his money. Eventually he was reimbursed and it turned out the embezzler was related to the married CEOs Khmer squeeze.You couldn’t make this shit up.

Good riddance, scumbags

Cambodia wins from this. Australian banks are all thieving arseholes.

I'm guessing they will change the name of the bank if ANZ is no longer involved ?
Royal Bank ? Royal JT Bank ? RJT Bank ? JTR Bank ?
Any suggestions ?

Anchor Moy wrote: ↑Fri May 18, 2018 8:27 pm I'm guessing they will change the name of the bank if ANZ is no longer involved ?
Royal Bank ? Royal JT Bank ? RJT Bank ? JTR Bank ?
Any suggestions ?

Assuming the Royal isn't a hangover from an earlier M&A, I would vote Royal JT Bank being the winner. Not necessarily my choice, but what I think it will be named.

violet wrote:

Anchor Moy wrote: ↑Fri May 18, 2018 8:27 pm I'm guessing they will change the name of the bank if ANZ is no longer involved ?
Royal Bank ? Royal JT Bank ? RJT Bank ? JTR Bank ?
Any suggestions ?

Assuming the Royal isn't a hangover from an earlier M&A, I would vote Royal JT Bank being the winner. Not necessarily my choice, but what I think it will be named.

Royal = Royal Group.

They have a couple of things in the go such as BMW Cambodia, Cellcard, ANZ Royal Bank, The Royal Sands Koh Rong, Giant Ibis Transport, Wing Cambodia, CTN TV, Royal Cambodian Limousine, Royal Railway CO., LTD, Helicopters Cambodia, EZECOM, Cambodian Life Insurance Company PLC, Cellcard Finance, Infinity General Insurance PLC, Hotel Cambodiana, Kampuchea Food Corporation CO., LTD, Northbirdge Communities CO., LTD, North Park Condominium, Southbridge International School Cambodia, Yong Sheng Global Trading, Northbridge Development CO., LTD, Global Security Solutions, Rock Entertainment Centre, TITAN KING CASINO.CORP, Royal Financial Corporation Co., Ltd.

Royal's not a mandatory naming convention for them though, it would seem.

epidemiks wrote: ↑Fri May 18, 2018 9:23 pm

violet wrote:

Anchor Moy wrote: ↑Fri May 18, 2018 8:27 pm I'm guessing they will change the name of the bank if ANZ is no longer involved ?
Royal Bank ? Royal JT Bank ? RJT Bank ? JTR Bank ?
Any suggestions ?

Assuming the Royal isn't a hangover from an earlier M&A, I would vote Royal JT Bank being the winner. Not necessarily my choice, but what I think it will be named.

Royal = Royal Group.

They have a couple of things in the go such as BMW Cambodia, Cellcard, ANZ Royal Bank, The Royal Sands Koh Rong, Giant Ibis Transport, Wing Cambodia, CTN TV, Royal Cambodian Limousine, Royal Railway CO., LTD, Helicopters Cambodia, EZECOM, Cambodian Life Insurance Company PLC, Cellcard Finance, Infinity General Insurance PLC, Hotel Cambodiana, Kampuchea Food Corporation CO., LTD, Northbirdge Communities CO., LTD, North Park Condominium, Southbridge International School Cambodia, Yong Sheng Global Trading, Northbridge Development CO., LTD, Global Security Solutions, Rock Entertainment Centre, TITAN KING CASINO.CORP, Royal Financial Corporation Co., Ltd.

Royal's not a mandatory naming convention for them though, it would seem.

Ah. That lot. I hadn't realised, obviously.
Northridge Communities/Development.. connected to the school?

that genious wrote:Good riddance, scumbags

Indeed, the Cambodian "Royal" side of the venture was/is entirely honest and above-board.
JTrust also sounds completely trustworthy to me, so this could be Cambodia's first bank without a laundry.

If memory serves me correctly, a senior manager tried to play down the Garage invasion and persuaded KiR et al not to press charges