(7th November 2003 – Australia) At a roadshow event in Singapore this week, ANZ outlined plans to cut exposure in Europe and the US and focus instead on expansion in Asia Pacific.Following the A$4.92 billion takeover of National Bank of New Zealand last week, ANZ told investors it was committed to East Asia and the Pacific region in a bid to develop long term growth in these markets.
By actively reducing exposure in the US and Europe, the bank said investments that were too corporate focussed and investment heavy were “unduly distracting for group management”.