Australia: ANZ pushes on with super-regional ambitions

Purchases from RBS broaden horizons; But were the best assets bought?

Mike Smith, ANZ

“Our vision of being a super-regional bank makes even more sense today than it did when I articulated it in December 2007”

Mike Smith, ANZ

The track record of Australian financial services groups expanding overseas is patchy: AMP and National Australia Bank are among the pioneers that have lost their way when acquiring outside Australia. The latest to try its hand is ANZ, which in August took a big step towards its ambition to become what chief executive Mike Smith calls a “super-regional bank” by buying $550 million-worth of RBS businesses in Asia.

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