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ANZ buys $2.4b loan book from AWB

ANZ buys $2.4b loan book from AWB

ANZ Bank (ASX:ANZ) has purchased a $2.4 billion loan book from grain trader AWB Limited (ASX:AWB).

ANZ bought the business, which incorporates 10,000 banking customers and 145 relationship management and support staff, from AWB subsidiary Landmark.

Both parties have also entered into an exclusive customer referral agreement, ANZ said, giving it access to Landmark’s 100,000 rural service customers.

AWB has struggled to turn a profit on its loan book since the financial crisis began.

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Tags AWB Limitedeconomic crisisANZMergers and acquisitions

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