National Bank Denies Planning Exit From Cambodia's ABA Bank
By Robb M. Stewart
National Bank of Canada dismissed a report it is considering selling its Cambodian unit, ABA Bank.
The Canadian lender on Tuesday said it isn't currently engaged in any process or negotiations for the sale of ABA Bank, nor has it hired any adviser. It said ABA has delivered strong growth and returns for National Bank, generating 726 million Canadian dollars ($438.4 million) in revenue and C$343 million in net income in the fiscal year to Oct. 31.
Bloomberg News, citing unnamed people familiar with the matter, earlier reported National Bank was exploring options including a sale of ABA, which could be valued at more than $2 billion.
National Bank took full control of ABA in late 2019, after steadily building its stake following a move in 2014 to buy an initial 10% interest.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
March 12, 2024 11:49 ET (15:49 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom