ANZ aims to generate 25-30% of group profits
from its operations in Asia by 2017.
Australia’s third largest bank raised its
target from 20% contribution by 2012 due to a growing number of
Asians migrating to the country.
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ANZ is also building stronger synergies – or
what it calls super-regional networks – between units in Australia
and Asia to tap into the growing migrant market.
ANZ said Asian migrants make up 15% of
Australia’s population and predicts this group will produce 22% of
the bank’s target customers.
ANZ plans to increase the number of its
specialist migrant branches in 2011, but did not disclose a target.
At present, the bank has 18 migrant branches in Asia.
In Australia, the bank’s ambitions include
growing its mass affluent client base in with segment-specific
products; as well as investment in online and mobile platforms, in
particular front-end services such as an upgrade of the current
online banking service and multilingual ATMs.
ANZ will also focus more on loans as the
battle for retail deposits between Australian banks has now shifted
to the retail lending, a market that is still weak despite a
recovering economy, the bank said.
