Australia and New Zealand Banking Group Ltd. is believed to be buying a 19% stake in Cashrewards, which is preparing to list on the Australian Stock Exchange, The Australian Financial Review reported Nov. 6, citing a book message from the brokers of the IPO.

The bank is reportedly investing A$25.9 million for the stake in the Australian cashback reward program. Prior to ANZ Bank's reported involvement, Commonwealth Bank of Australia showed interest in the platform but did not invest.

Cashrewards is seeking to raise A$65 million from its bookbuilding process that will commence Nov. 10, according to the report.