Is ANZ's Asian expansion about to end?

9 September 2008

1 minute read

Becoming a serious regional player has long been a key aim for ANZ, but is the bank's Asian expansion about to come to an abrupt end?

ANZ already has a presence in Vietnam, Indonesia and Malaysia. And in Cambodia the three year-old ANZ Royal Bank is the largest in the market.

But chief executive Mike Smith has admitted that financial market turmoil and the depressed price of ANZ shares means that "right now, I can't afford Asian businesses". (The Daily Telegraph)

Does this spell the end of ANZ growing its headcount in Asia? Should it leave the region to big boys like HSBC and Standard Chartered? Give ANZ some answers below.

AUTHOReFinancialCareers Australia

Insider Comment

un
uncleb
19 September 2008
Get your house into order before going out to start looking at another one.
ANZ tried before and finished up selling the jewels ie India etc before giving it a proper go.
When you grow Australia then you can look further afield.
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Do
Don
16 September 2008
All "so-called" IBs in OZ are on fire, B&B and Allco. funny structure packaging infrastrcture assets into funds and sell them to investors several yrs later after purchase. no ultimate holding company & hard to value.
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in
investor
15 September 2008
Mike is so experienced in EM w/ HSBC. but the situation is not so trivial at a bank downunder w/o much greenfield experience in Asia. just look how they have done in the past, yielding so limited return vs investment made.
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As
Asian Banker
15 September 2008
i think ANZ just discovered Asia but the other US banks are way ahead. I think ANZ should try to No 1 or 2 in Australia before trying to go after Asia. Most of the talent in the Asian team dont even know where Asia is let alone have the ability to deliver on this so called super regional promise!!. Does ANZ realise Asia is more competitive than Australia ?. If you cant win in a regulated market what chance have you got in trying to win in a market that is more competitive than your home turf ?
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Ba
Banker
15 September 2008
The only reason it may end is the poor performers that Mike has left after his so called organizational re-structure. Mike, the duds are still there!
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