The sell-down by ANZ Group of its non-core, non-home market businesses continues apace with the announcement that ANZ has agreed to sell half of its 40 per cent stake in the Philippines based Metrobank Card Corporation. MCC has more than 1.5 million credit cards in force in the Philippines. The buyer - subject to the usual regulatory approvals - will be ANZ's joint venture partner, Metropolitan Bank & Trust Company, which will pay US$144 million. ANZ has also entered into a put option to sell its remaining 20 per cent stake in MCC to Metrobank, exercisable in the fourth quarter of FY18 on the same terms for the same consideration. If the put is exercised, this sale would deliver a total of US$288 million (A$368 million) to ANZ, with an expected post-tax gain on sale of approximately A$245 million, from an original investment in MCC of A$14 million in 2003. ANZ said in a statement that, if completed, the sale would lift its APRA CET1 capital ratio by nine basis points in FY2018. Excluding the gain on sale, ANZ stated the ROE and EPS impact was expected to be "broadly neutral".Graham Hodges, ANZ's deputy chief executive officer, said the banking group "remains committed to its institutional business in the Philippines".