The Malaysian news service The Star Online was yesterday speculating strongly that US equity fund TPG Capital Management (formerly Texas Pacific Group) was close to "initiating a formal process" that would see it take on ANZ's 23.8 per cent stake in AmBank, Malaysia's sixth largest bank by assets. Citing "banking sources", The Star said TPG had done the necessary groundwork and was ready to seek Bank Negara's approval on this. Parties acquiring stakes in Malaysian banks need to get the central bank's nod to start negotiations, especially if it's a controlling stake.Adding fuel to speculation is the view that TPG Capital, a US$75 billion global fund, is looking to expand its investment in financial services companies in the Asia-Pacific region. ANZ, on the other hand, has hit reverse gear, pulling back to its home markets.However, this is not the first time such a rumour has been floated. Similar rumours were swirling around in April this year. To its credit, ANZ has not shied away from one fact that gives a sheen of credibility to such rumours: the sale of its Ambank shareholding is under active consideration. A spokeswoman acknowledged that the ANZ Group's minority investments in Asia have been "repositioned" as Group assets. "The 2016 half year results [included] an impairment charge on the value of our holdings in AmBank, reflecting the impact of the slower Malaysian economy on the valuation of the Bank," she said."Our chief executive Shayne Elliott has said previously that in the long term minority investments in Asia no longer have strategic value for us."But that was as much as the bank's representative was prepared to concede."Given that [change in business emphasis], it's natural there is interest from time to time, but we do not comment on market speculation," she said.