Business Services Industry
AUSTRALIA'S ANZ BANK EFFECTIVELY WRITES DOWN US$368.6 MLN IN JV.
AsiaPulse News, April, 2003
SYDNEY, April 24 Asia Pulse - ANZ Banking Group Ltd (ASX:ANZ) has effectively written down its ING Australia Ltd wealth management joint venture by up to $A600 million ($US368.64 million) just a year after setting it up.
ANZ chief executive John McFarlane said a recent valuation of ING Australia by financial services group Ernst & Young found the joint venture now had a book value of between $A1.6 billion ($US983.04 million) and $A1.8 billion ($US1.11 billion).
Mr McFarlane said Ernst & Young's valuation amounted to a discount of up to 26 per cent when compared to ANZ's total $A2.2 billion ($US1.35 billion) investment in the operation in April last year.
But ANZ had deferred the full carrying value from its books when it made the investment because...
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