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SYDNEY - ANZ expects to lift its proportion of Asia-Pacific assets from 10 per cent to a quarter, chief executive John McFarlane said.
The Australian newspaper said the bank wanted to have a quarter of its assets in New Zealand and half in Australia. The bank owns ANZ National Bank in New Zealand.
Late last week ANZ took a 19.9 per cent of Shanghai Rural Commercial Bank and 13.5 per cent of Malaysian bank AMMB.
In July it purchased of 20 per cent of Tianjin City Commercial Bank. ANZ also owns 29 per cent of Panin Bank in Indonesia, 40 per cent of a credit card joint venture with Metro Bank in the Philippines, 10 per cent of Sacombank in Vietnam, and 55 per cent of ANZ Royal Bank Cambodia.
Having two-thirds or more of its assets in Australia had benefited shareholders, Mr McFarlane said.
"But with a very large presence in Australia and in New Zealand, where we dominate with two banks, it was sensible to look outside. Where? Clearly, the Asia-Pacific region. It's natural, there's a political coming-together, and a heavier orientation towards China and India."
Mr McFarlane said New Zealand's economy will bounce and propel a second phase of growth.
- NZPA
