As the US was plunged into the depths of the COVID-19 crisis, ANZ’s New York-based office was able to ensure US dollar liquidity was not an issue for the Group.
“That's something we're really proud of,” Paul says. “We played an important role. [The system] was tested and we came through.”
Paul also explains ANZ’s regional network benefits from the bank’s US presence from the knowledge gained and shared in areas such as the financial sponsor industry which has taken off in America ahead of other nations.
“We've been able to share lessons through the network and ensured we're best placed to capture opportunities in the UK, Hong Kong, Singapore and Australia. Providing knowledge of what's happening in this market back into the network is also important.”
Paul says, amongst others, a key opportunity for ANZ in the US is around the renewable energy transition industry which has recently been “turbo charged” by the new Biden administration.
“We have a lot of network customers who are looking at the US for renewable energy opportunities. [ANZ has] strong project finance capabilities in Australia,” Paul says. “The ability to leverage that into North America is a big opportunity and allows us to sit alongside our existing customers to leverage product capability that we're globally very good at.”
Paul also discusses the differences between his experiences banking in New Zealand and America as well as some of his memorable moments since moving to the US last year.
You can listen to the whole conversation in the podcast above.
Shayne Elliott is CEO of ANZ
Click here to browse through the full “World of Networks” series