ANZ pulls plug on Thai venture
(Australia) ANZ has ended several months of speculation by announcing it will not be proceeding with an investment in Thai Military Bank (TMB).
ANZ chief executive John McFarlane said the bank was unable to "create an asset mix that would be acceptable to TMB and consistent with ANZ’s strategy and low risk approach".
However, he said ANZ was still looking at creating "strategic options" in Asia.
"We will only pursue investment opportunities that are consistent with our strategy and risk philosophy and which create value for our shareholders. We apply that discipline to all opportunities, both domestically and overseas," McFarlane said.
He said ANZ’s core strategy would be to focus on domestic growth in the bank’s specialist businesses but "smaller opportunities" in Asia would also be considered.
China has been cited as the bank’s preferred Asian destination and it was reported this week that ANZ is expected to apply for a banking license before the end of the year, a move that could see the bank taking a stake in its Chinese alliance partner, Shanghai Rural Credit Co-Operative Union.
However, he said ANZ was still looking at creating "strategic options" in Asia.
"We will only pursue investment opportunities that are consistent with our strategy and risk philosophy and which create value for our shareholders. We apply that discipline to all opportunities, both domestically and overseas," McFarlane said.
He said ANZ’s core strategy would be to focus on domestic growth in the bank’s specialist businesses but "smaller opportunities" in Asia would also be considered.
China has been cited as the bank’s preferred Asian destination and it was reported this week that ANZ is expected to apply for a banking license before the end of the year, a move that could see the bank taking a stake in its Chinese alliance partner, Shanghai Rural Credit Co-Operative Union.
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