AWB has sold the loan book and its $300 million debenture book to ANZ, but the deal is subject to regulatory approval and is unlikely to be completed before early 2010.

As part of the deal, AWB's Landmark network will enter an exclusive referral arrangement with ANZ.

AWB says the deal will result in a $2.1b reduction in its total debt.

However, the deal will also result in a $5-10m reduction in the company's pre-tax earnings for the full-year.

AWB managing director Gordon Davis said the transaction would "simplify the business".

Under the new arrangements current earnings associated with the loan an debenture books will be replaced in part by earnings under the relationship with ANZ, including referral and trail fees and earnings from the release of capital.

Landmark currently provides financial services to 10,000 agribusiness customers and has a total customer base of 100,000.

Landmark managing director Graeme Jacobs said the arrangement with ANZ would be similar to "the successful alliances we have with insurance providers which enables us to facilitate quality insurance products to rural Australia".

"The transaction does not affect Landmark's successful insurance business."

ANZ chief executive Mike Smith said the purchase was part of the company's strategy to become a "super regional bank".

"We are already taking that expertise into Asia and the recent opening of our new ANZ rural bank in Liangping in western China is an example of this," Mr Smith said.

"The transaction is also a good outcome for Landmark and ANZ agribusiness customers.

"It strengthens our representation across the country and provides Landmark customers with access to a wider range of products and services, linkages to our Asian network and the security of ANZ's AA credit rating."