ANZ looks at Burma options
(27 March 2012 – Asia) ANZ has been working on diplomatic ties with Burma, or Myanmar in a bid to lead the bank into a more aggressive expansion into the country.
ANZ chief executive Mike Smith said the bank plans to secure almost a third of its earnings from Asia within six years.
Smith said Burma was attractive for its strategic position between India and China and its rich resources. He wants to set up operations in Burma if relations between Australia and Burma were normalized.
'We can't do anything until the Australian government lifts its restrictions (on doing business in Burma) but hopefully that will be a positive. I would like to have a presence there too.'
Besides Burma, ANZ wants to do more business in China, Thailand, Korea and Japan. ANZ wants to have as many as 30 branches in China, where it now holds a domestic banking licence.
The bank also wants to have a licence in Thailand, which is not issuing any new licences until 2014.
Smith wants to make ANZ a "super regional" bank by aggressively expanding its Asian operations. The bank’s goal is to boost earnings from Asia to 30 percent over the next six years.
Smith said Burma was attractive for its strategic position between India and China and its rich resources. He wants to set up operations in Burma if relations between Australia and Burma were normalized.
'We can't do anything until the Australian government lifts its restrictions (on doing business in Burma) but hopefully that will be a positive. I would like to have a presence there too.'
Besides Burma, ANZ wants to do more business in China, Thailand, Korea and Japan. ANZ wants to have as many as 30 branches in China, where it now holds a domestic banking licence.
The bank also wants to have a licence in Thailand, which is not issuing any new licences until 2014.
Smith wants to make ANZ a "super regional" bank by aggressively expanding its Asian operations. The bank’s goal is to boost earnings from Asia to 30 percent over the next six years.
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