ANZ recognises A$347m reduction in AmBank equity-accounted earnings on 1MDB claims, goodwill impairmentAustralia and New Zealand Banking Group Ltd (ANZ), which owns a 23.8% stake in AMMB Holdings Bhd (AmBank), said on Thursday (Oct 27) it had during the financial year ended Sept 30, 2021 recognised a A$347 million (RM1.06 billion) reduction in equity-accounted earnings after tax.
This comprised a A$212 million portion, which reflected ANZ's share of the settlement provision following AmBank's agreement with the Malaysian Ministry of Finance (MOF) to resolve 1Malaysia Development Bhd (1MDB)-related claims, besides another A$135 million which reflected ANZ's share of the impairment of AmBank's goodwill, according to notes accompanying ANZ's financial results for the financial year ended Sept 30, 2022.