Atlas Funds Management chief investment officer Hugh Dive, who holds ANZ shares, suggested buying MYOB could be a distraction for the bank, and it was unlikely to deliver a clear pay-off for shareholders. “It doesn’t move the needle. Is it going to move earnings per share for shareholders? Probably not,” Dive said.

Morningstar analyst Nathan Zaia said he was unsure of how the deal would help ANZ, and questioned whether customers would be willing to change their accounting software because of potential benefits ANZ could offer. Zaia also questioned how a potential deal would create synergies, and said KKR was unlikely to part with the asset cheaply.

“It’s a bit hard to know what their masterplan is here. On a high level, it’s hard to see how much value it actually adds to their offerings,” Zaia said.

ANZ shares fell 1.2 per cent to $22.43, in contrast to other big four bank shares, which rose slightly.

MYOB was bought by KKR for about $2 billion in 2019, and the accounting software firm made a $103.5 million loss in its latest financial year for the 12 months to December, on revenue of $502 million.

Other banks have also been keen to integrate accounting products, which can provide banks with valuable data on business customers.

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Westpac last month announced a partnership with MYOB, under which the bank is providing access to the accounting software its customers, while small business banking giant National Australia Bank has a partnership with Xero.

At its most recent results in May, ANZ announced it was seeking to establish a non-operating holding company, a structure that would allow ANZ to have non-banking businesses within the wider group without subjecting them to bank regulation.

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