ANZ's Elliott picks wrong target in retreat from Asia

Sydney

SHAYNE Elliott's attempt to unwind Australia & New Zealand Banking Group Ltd's Asian expansion appears to be hitting its limits.

ANZ's A$1.84 billion (S$1.93 billion) sale of its stake in Shanghai Rural Commercial Bank represents almost half the A$4.27 billion in Asian bank investments on the Australian lender's balance sheet at the end of September. The ANZ chief executive officer will find further disposals much harder.

Its 39 per cent stake in PT Bank Pan Indonesia has been on and off the block for more than three years, and a 24 per cent share of Malaysia's AMMB Holdings Bhd has been available to inter…