ANZ sets Asia aim
(18 June 2008 – Asia) ANZ has set precise aims for its expansion into Asia, including big branch expansions and sights on the top four.
ANZ told analysts on a five-day investor roadshow to the Asian region that it aims to grow its divisional profit to $1.5 billion by 2012.
To help achieve this target, ANZ also announced that they intend to increase the number of branches it has in the region from just 29 currently to at least 200 over the same period.
ANZ has planned to increase its overseas customer base from 131,000 to 1.5 million. While the bank already has close to 100 branches in the Pacific, achieving this target will primarily come from the rapidly expanding economies of Asia, including China and India.
In fact, ANZ has also detailed its intention to become on of the four top foreign banks in India and China. The foreign banks of HSBC, Standard Chartered and Citigroup dominate this region and are ANZ’s main competition.
ANZ is looking at a number of options to achieve these targets. The bank has indicated that its interest in future targets will be governed by the management and ownership influence it could gain in any deal.
However, regulatory limitations, especially in China and India, prevent anything more than a minority interest in a deal.
ANZ has found another potential avenue, having applied for banking licences under which it can open branches in its own name. This avenue is more long term, however.
Also, the bank sees greater possibilities of working with its partner banks and financial services businesses in Indonesia, Malaysia and Vietnam to help them expand both ANZ’s retail networks and that of its partners.
To help achieve this target, ANZ also announced that they intend to increase the number of branches it has in the region from just 29 currently to at least 200 over the same period.
ANZ has planned to increase its overseas customer base from 131,000 to 1.5 million. While the bank already has close to 100 branches in the Pacific, achieving this target will primarily come from the rapidly expanding economies of Asia, including China and India.
In fact, ANZ has also detailed its intention to become on of the four top foreign banks in India and China. The foreign banks of HSBC, Standard Chartered and Citigroup dominate this region and are ANZ’s main competition.
ANZ is looking at a number of options to achieve these targets. The bank has indicated that its interest in future targets will be governed by the management and ownership influence it could gain in any deal.
However, regulatory limitations, especially in China and India, prevent anything more than a minority interest in a deal.
ANZ has found another potential avenue, having applied for banking licences under which it can open branches in its own name. This avenue is more long term, however.
Also, the bank sees greater possibilities of working with its partner banks and financial services businesses in Indonesia, Malaysia and Vietnam to help them expand both ANZ’s retail networks and that of its partners.
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