ANZ will concentrate its resources on institutional banking in Asia with the sale of a portfolio of retail and wealth management assets to Singapore-based DBS.
The banks chief executive Shayne Elliott told BlueNotes on video from Hong Kong the move followed an extensive review of ANZs mix of businesses in the region and was part of focussing more intensively on returns and markets where ANZ had a competitive advantage.
It is all about focus, Elliott said. It is a profitable business. Actually its a good little business. but the worlds changed and the rules of operating have changed. Its become much more complex.
He emphasised the sale did not affect ANZs commitment to Asia but intensified the reso…
Read the full article at: https://bluenotes.anz.com/posts/2016/10/anz-refocuses-asia-operations-sells-retail-wealth-arms-concentration-on-institutional/