ANZ Continues Asia Retreat
ANZ Bank has stepped-up its departure from retail banking in Asia, announcing it will close its presence in the Philippines next year.
The latest move follows ANZ’s sale over the past twelve months of its retail and wealth businesses in the region including in Singapore, Hong Kong and earlier this year in Vietnam.
The Philippines operation is a small concern with only 10 staff, $100 million in deposits and 800 customers. An internal email, obtained by The Australian (behind paywall) says Metropolitan Bank and Trust Co, the second largest lender in the Philippines, could take on the staff, who also have the option of pursuing opportunities at ANZ.
ANZ chief executive of international banking Farhan Faruqui says in the email that the decision «in no way» affects the bank’s commitment to its institutional business in the Philippines.
The decision to close the retail unit follows last months news that the Melbourne-based bank agreed to sell half of its 40 percent stake in Metrobank Card to Metrobank for $144 million.
