Asia game has changed but ANZ still a player: Elliott

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.”

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