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ANZ looking to Japan: report

ANZ looking to Japan: report

(30 September 2011 – Australia) Australia New Zealand Banking Group (ANZ) is reportedly looking at buying Japan’s Tokyo Star Bank or Aozora Bank according to a report in The Australian Financial Review. The paper did not specify any deal value. Tokyo Star is backed by private equity firm Lone Star and Aozora counts Cerberus Capital Management as a stakeholder, the paper said.

ANZ, which is targeting Asia for growth and expects to get up to 30 percent of profits from the region by 2017, has retained law firm Nagashima Ohno for the deal with the bank's head of strategy and old Japan hand Joyce Phillips driving the deal, the paper said.

AN ANZ spokesman declined to comment specifically on the report but said the bank was always looking at options to advance its regional strategy.
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