ANZ's Institutional Chief Mark Whelan has laughed off the accusation that his bank was pulling out of Asia, turning away from the expansive engagement of former CEO Mike Smith. So what is their strategy?
The Melbourne bank has been gradually shedding its holdings in Asia – the most recent being the disposal of it's 20 percent stake in China's Shanghai Rural Commercial Bank (SRCB)
ANZ announced in January it had reached agreement to sell its stake in SRCB to China Cosco Shipping Corporation and Shanghai Sino-Poland Enterprise Management Development Corporation.
Sudden Disposal
That move came shortly after the bank had suddenly disposed of its Asian wealth and retails units to Singaporean bank DBS.
In an interview with Perth based publication «WAToday» the bank's institutional chief Mark Whelan, said the notion that ANZ is turning its back on Asia was «ludicrous.»
A Week in Bejing
To back up his claims he said the bank's board led by chairman David Gonski would be spending a week in Beijing in the middle of this year to look at long-term growth options, and meet key customers.
Whelan said the huge potential for Australian trade with Asia meant ANZ remained deeply committed in the region. But he stressed it would be more focused on banking institutional clients, rather than retail banking where it lacked the scale to compete against local Asian players.
