GRAIN marketer AWB has sold the loan book of its subsidiary Landmark Financial Services to ANZ.

The sale of the loan book worth $2.4 billion and the $300 million debenture book is expected to lead to a $2.1 billion debt reduction for AWB.

AWB last month announced a loss of $251 million.

The sale of the loan book, expected to close early 2010, is subject to approvals from the Australian Competition and Consumer Commission and the Australian Prudential Regulation Authority.

In a statement to the Australian Stock Exchange, AWB also revealeda one-off loss on sale and restructuring costs of about $62 million pre-tax to be accounted for in the financial year ending September 30 next year.

Landmark has also entered into an exclusive relationship with ANZ to refer any customers who may be interested in acquiring financial services products to ANZ.

In the ASX statement , AWB said the "vast majority" of Landmark Financial Services employees would be offered employment with the ANZ.

ANZ general manager of regional commercial banking Mark Hand said the loan book was ``quite a good fit'' for ANZ as Landmark was strong in Westeran Australia, NSW and Queensland.

He said Landmark was also strong in grains and beef.

``They two sectors that we have ambitions in,'' Mr Hand said.

``Our agribusiness strategy is to get bigger.''

Mr Hand said ANZ had 400 outlets and Landmark had 300 and there were about 150 town where ANZ didn't have a presence but Landmark did.

However, he said there was ``absolutely no talk of rationalising.''

Mr Hand said ANZ wasn't daunted about buying the loan book at a time when parts of the agriculture sector were struggling.

``One of the things about the agribusiness sector is if you look at it in total at one point in time, then you would never enter the market,'' Mr Hand said.

``Any industry with high export potential is of high appeal.

``If this year is not good and next year is not good then we must hold our nerve.''

Mr Hand said ANZ would boost its market share to 18 per cent, just ahead of Rabobank, through it's partnership with Landmark.

He said National Australia Bank had about 21 per cent market share.

He said AWB approached ANZ a year ago and the bank had carried out due diligence on the loan book during the past few months.