ANZ to Review its Retail Unit in Asia
Australia and New Zealand (ANZ) Banking Group is reviewing the company’s retail operations in Asia as it tries to slash costs and increase returns. The move is expected to strengthen the bank’s balance sheet and help it to meet capital rules that Australia and global regulators are enforcing.
“The review was part of a reshaping of the Asian strategy that includes exiting the commercial business and focusing on its core in debt capital markets, syndicated loans and trading.”
The review was part of a reshaping of the Asian strategy that includes exiting the commercial business and focusing on its core in debt capital markets, syndicated loans and trading. Recently, politicians have been calling for a high level public inquiry into a series of allegations of misconduct, including insurance fraud, improper wealth advice and interest rate rigging in Australian banks.
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