The ANZ Group Holdings Ltd (ASX: ANZ) share price is in the red this morning amid news of a $50 million investment.
The smallest of the big four banks is buying a minority stake in Australian property media and technology company View Media Group (VMG) and is aiming for exclusive benefits.
Right now, the ANZ share price is $25.615, 0.52% lower than its previous close.
For comparison, the S&P/ASX 200 Index (ASX: XJO) is currently slipping 0.07%. Meanwhile, the S&P/ASX 200 Financials Index (ASX: XFJ) – housing the market's biggest banks – is down 0.41%.
Let's take a closer look at the banking giant's latest buy.
ANZ share price sinks despite $50m real estate tech investment
ANZ is making a foray into realty technology, snapping up a stake in real estate digital media and technology services company VMG.
The stake is expected to bolster the bank's strategy to establish a suite of services making it easier to buy, rent, or own property.
It's also planning to create an exclusive financial services partnership on some of VMG's key offerings. They include property-listing platform realestateview.com.au, AI-powered real estate service Propic, and comparison service Beevo.
The acquisition might help boost ANZ's hold in the Aussie mortgage market. It will also see it with a seat on VMG's board.
It counts Seven West Media Ltd (ASX: SWM) as a strategic investor.
The bank's $50 million investment was officially announced today. However, a real estate media venture appears to have been on its mind for some time now.
And it might not be the first time ANZ and Catalano were involved in such talks.
ANZ considered buying a 20% stake in Domain for $600 million in 2018, the Australian Financial Review reports.