Becoming a serious regional player has long been a key aim for ANZ, but is the bank’s Asian expansion about to come to an abrupt end?
ANZ already has a presence in Vietnam, Indonesia and Malaysia. And in Cambodia the three year-old ANZ Royal Bank is the largest in the market.
But chief executive Mike Smith has admitted that financial market turmoil and the depressed price of ANZ shares means that “right now, I can’t afford Asian businesses”. (The Daily Telegraph)
Does this spell the end of ANZ growing its headcount in Asia? Should it leave the region to big boys like HSBC and Standard Chartered? Give ANZ some answers below.