ANZ style and tactics will change, Asia presence won’t

Incoming ANZ CEO Shayne Elliott says he will inherit an organisation that is very different, operating in a very different world, to the one Mike Smith took over in 2007 and that will demand a shift in how the bank operates.

"The real issue is the change in focus, it is not about Mike or Shayne."
Shayne Elliott, ANZ CFO and incoming CEO

ANZ style and tactics will change, Asia presence won’t

But he is resolute that means a change in tactics and focus, not a change in general strategy.

“(Asia)? Absolutely, it’s who we are and what we do. The whole bank’s history has been about financing trade – from United Kingdom to Australia and New Zealand, now to Asia,” he told ANZ BlueNotes on video.

Having spoken with major investors in London and North America, Elliott says the questions may have been pitched from different angles but the answers they wanted were the same: can ANZ continue to deliver the earnings and dividends promised?

He says the general mood – and the meetings took place before the Paris atrocities – was cautious with concern about China and its impact on south east Asia and Australia.

Asked whether the latest profit result was Smith’s last or Elliott’s first, he reflected investors wanted a sense of any change in direction.

For the full interview watch the video above.

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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