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ANZ CEO says bank needs to "tighten" Asia business
[MELBOURNE] Australia and New Zealand Banking Group needs to "tighten" its Asia business that it has developed over the years, new CEO Shayne Elliott said on Tuesday.
Mr Elliott told a business conference in Melbourne that once that is done, it could result in the Asia business being a "bit smaller than it was".
ANZ, which has the most focus on Asia among Australia's major lenders, is scaling down its presence in Asia in the face of an economic slowdown around the region and has exited what it dubs its "emerging corporate" business in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan.
Elliott has shifted focus to areas where growth is faster and returns are particularly attractive.