The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

ANZ says it is back in Asia

The bank has sold most of what it wanted to in the region, but faces some big costs at home.

After several years of telling shareholders and analysts that it is pulling back from Asia, ANZ has now started a revised narrative: that it’s here to stay.

The bank is holding a two-day finance and treasury forum in Singapore designed to reposition it as a thought leader at the heart of the markets.

It seems at odds with three years of headlines about cutbacks, divestments, retrenchments and retreats, but actually the two positions are not incompatible. ANZ still wants out of retail businesses and minority bank stakes in the region, but wants to stick around and grow in institutional banking.

Mark Whelan,

“One of the constant frustrations for us is that while we have been shaping the business, many have had the impression we have been exiting Asia,” says Mark Whelan, group executive, institutional, at a briefing ahead of the event. 

“We’re still in 15 countries here and committed to them. We haven’t exited. If anything, we’re expanding.”

ANZ has shifted a lot of what it wanted to – all the old RBS businesses to DBS, a 20% stake in Shanghai Rural Commercial Bank, and most recently the stake in its joint venture in Cambodia to Japan’s J Trust – but there are two stubborn assets still on the books.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?