ANZ buys out ING Australia, ConnectEast shares placed in trading halt: Economy Roundup

ANZ Banking Group has announced it will buy out its joint venture partner ING Australia in a deal worth $1.8 billion. The bank, which has been placed in a trading halt, will purchase the remaining 51% stake in ING Australia and ING New Zealand for $1.76 billion, with the deal to be funded by internal […]

Patrick Stafford 25 September, 2009

ANZ Banking Group has announced it will buy out its joint venture partner ING Australia in a deal worth $1.8 billion.

The bank, which has been placed in a trading halt, will purchase the remaining 51% stake in ING Australia and ING New Zealand for $1.76 billion, with the deal to be funded by internal capital.

ING Australia and ING Holdings will now become subsidiaries of the bank, ending the joint venture between the two companies which began in 2002.