ANZ's CFO to take helm, flags more-disciplined Asia strategy

Sydney

AUSTRALIA and New Zealand Banking Group's incoming CEO, Shayne Elliott, said that the bank was committed to seeking growth in Asia but flagged more discipline in implementing its strategy - one that has come under fire for its low returns.

Australia's No 4 lender said that Mr Elliott, who has been chief financial officer for the past three years, would take the helm on Jan 1, replacing industry veteran Mike Smith.

Mr Smith kick-started the bank's "super regional" strategy in 2007, making it the only major Australian bank to focus on Asia. Although Mr Smith initially gained plaudits, investors have become impatient with the region's high co…