In contrast to former CEO Mike Smith’s aggressive Asian strategy, the Melbourne based banking group under its present chief executive has been carefully calibrating its Asian engagement.
Australia's fourth largest bank may appear to be downsizing operations in Asia, but its chief executive said the lender was merely tweaking our strategy.
Shayne Elliott told CNBC recently the «tweaks» to focus on its corporate clients in Asia came after taking into consideration the changing landscape.
Selling The Silver
Under Elliott ANZ has shed numerous Asian assets, in October 2016 the Singaporean bank DBS acquired ANZ’s wealth management and retail banking business in Singapore, Hong Kong, China, Taiwan and Indonesia.
In January this year ANZ disposed of it's 20 percent stake in China's Shanghai Rural Commercial Bank, that sale was followed by the disposal of its Vietnamese retail business to Korean financial services group Shinhan Financial.
Domestic Issues
The ANZ chief has been incensed by the new government imposed tax levy on banks and has been vociferous in his objections to it. Elliott also recently penned an open letter to ANZ clients in South Australia where a further «bank tax» hike is planned.
On the plus side although it involves another disposal, his bank is confident of reaping $4.5 billion from the proposed sale of its Australian wealth business.
