Asia game has changed but ANZ still a player: Elliott

ANZ remains committed to the Asian region, CEO Shayne Elliott says, but changes to the economic and regulatory environment means the bank has had to adjust its strategy – not abandon it.

Speaking to the Australian and New Zealand Chamber of Commerce in Japan, Elliott said “the game has changed” for banking in the wake of the global financial crisis and ensuing global response.

"Asia is so critical to our strategy."
Shayne Elliott, ANZ CEO

“We had a strategy - and it was a good strategy - and it was about building out in a certain way but the rules changed,” he said. “Now we’re doing a bit of catch up.”

Asia game has changed but ANZ still a player: Elliott

VIDEO: 3:55

“Part of that has been that we’ve actually sold parts of our business. It doesn’t mean we’re pulling out of Asia, not at all. Asia is so critical to our strategy.”

Elliott said ANZ’s strategy was to be the best bank in the world for companies in the business of moving goods and money around Asia, meaning the region will always be core to the bank.

“We’ve always been a bank focused on trade and we’ve always been outward looking,” he said.

“That’s not going to change and I can’t conceive an ANZ not heavily invested in and heavily interested in… Asia.”

Watch the video above to find out more.

Andrew Cornell is managing editor at BlueNotes

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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