ANZ in talks to obtain KKR’s accounting software package firm in claimed $3 bln deal

A pedestrian is reflected in the window of a department of the Australia and New Zealand Banking Team (ANZ) in central Sydney, Australia, Oct 25, 2017. REUTERS/Steven Saphore

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  • Neighborhood media stories peg offer at around A$4.5 bln
  • Talks with KKR to obtain MYOB
  • Analysts question benefit-addition from offer

July 13 (Reuters) – Australia and New Zealand Banking Group Ltd (ANZ.AX) claimed on Wednesday it was in talks with personal fairness large KKR & Co (KKR.N) to obtain application organization MYOB Group, in a offer that community media has pegged at in excess of A$4.5 billion ($3.04 billion).

ANZ’s confirmation of the news arrives at a time when key Australian banking institutions have been divesting non-core functions to simplify their companies and concentration on their core competency, lending.

ANZ’s greater ‘Big 4’ rival Westpac Banking Corp (WBC.AX) has sold its general insurance plan arm and some of its economic advisory enterprise in the past two several years, whilst Commonwealth Bank (CBA.AX) exited a close to two-decade investment in China’s Lender of Hangzhou (600926.SS) previously this thirty day period. study additional

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