A World of Networks: US vital to future interests

ANZ’s network of 32 markets – big and small, advanced and emerging - is really critical to who and what we are as a bank. It's a defining point of difference for ANZ.

In this new series, ANZ CEO Shayne Elliott introduces some of the leaders in ANZ’s various markets to discuss the outlook for their region, opportunities for growth and what they love most about their job.

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In 1968, ANZ Chairman Lord Carrington launched the bank’s office in the US - the first Australian bank to do so - declaring it vital to the bank’s future interests. Now, more than 50 years later, this sentiment has remained true.

"We are well known as an Australian and New Zealand-based bank but increasingly our customers can also see the benefits of the Asian network we've built out.” – Paul Goodwin

I recently caught up with ANZ’s Country Head for the US Paul Goodwin, who took over the role last year in the height of the COVID-19 pandemic, to discuss how the bank creates a point of difference for US customers and how the economy is recovering from the pandemic.

A wholly owned branch of ANZ Banking Group, the US business helps connect large American companies, including big corporates and other financial institutions, back into the bank’s home markets of Australia and New Zealand.

Paul explains the US office is focused on financial institutions and large multinationals who have a connection to our home markets and Asia.

“We have a great reciprocal relationship with the large US Banks including JP Morgan, Wells Fargo, Goldman Sachs Morgan Stanley and Bank of America and we also service a number of technology companies including Apple and Amazon, diversified industry companies like General Electric, McDonalds and other household names.”

Paul says the relationship is significant even for the largest of these companies - particularly in supply chain finance where the support provided to the broader Apple and McDonalds supply chains is material to them.

However, Paul says it’s the power of the bank’s network which really provides a point of difference for current and prospective customers.

“We are well known as an Australian and New Zealand-based bank but increasingly our customers can also see the benefits of the Asian network we've built out,” he says. “We're also very good at clearing Australian and New Zealand dollars.”

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

The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.

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