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Dispatches: ANZ targets more Asian expansion

Mike Smith, chief executive of ANZ, is looking to Asia to drive continued growth, forecasting that the region will account for a third of the Australian bank’s profits within about seven years and that acquisitions will help achieve that target. (Financial Times)

Bank of China and Agricultural Bank of China opened the earnings season for major Chinese lenders Wednesday with strong third-quarter net profits, on surges in net interest income and despite concerns about asset quality. (Wall Street Journal)

The Asian unit of troubled US insurer AIG debuts in Hong Kong on Friday in what could be the world’s second largest share offering this year thanks to enthusiasm among deep-pocketed investors. (Straits Times)

Macquarie Group has posted a 16 per cent fall in first-half net profit as subdued market conditions continue to weigh on key divisions. (The Australian)

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