World Economy

ANZ Exits Asian SME Business

ANZ Exits Asian SME BusinessANZ Exits Asian SME Business

Australia and New Zealand Banking Group has exited the emerging corporate business in five Asian countries and cut around 100 jobs, a bank spokesman told Reuters. It is losing the unit that lends to smaller businesses in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan as it reportedly is streamlining its SME business in the region. Unnamed sources quoted by Reuters said ANZ seeks to reduce lending to low-returning businesses as CEO Shayne Elliott shifted focused to areas offering faster growth and more attractive returns. ANZ is the only bank among Australia’s four major banks to have made a big push in Asia. The report said more changes are expected to come, particularly in ANZ’s markets division, which is being sued by the Australian regulator for suspected market manipulation. The report added that ANZ is already considering the sale of its minority stakes in banks in Indonesia, Malaysia and China. It has already been trying to sell its 39% stake in PT Bank Pan Indonesia.