Australia and New Zealand Banking Group (ANZ) has announced plans to close its retail banking business in Philippines, in a bid to focus on institutional banking in the country.
The last day of service for the bank’s retail banking operations in Philippines is 5 February 2018.
“This decision is in line with ANZ’s strategic priority to simplify the Bank and improve capital efficiency, and allows the Bank to focus its resources on Institutional Banking in Philippines as part of its Asia strategy,” ANZ said in a statement.
ANZ has been selling banking operations in several countries across the Asia Pacific in the recent times. Earlier this year, the bank announced plans to offload its retail business in Vietnam to Shinhan Bank Vietnam.
In October 2016, the Australian lender announced plans to sell its retail banking and wealth management business in Singapore, Hong Kong, China, Taiwan and Indonesia to DBS Bank.