ANZ's Elliott picks wrong target in retreat from Asia

Sydney

SHAYNE Elliott's attempt to unwind Australia & New Zealand Banking Group Ltd's Asian expansion appears to be hitting its limits.

ANZ's A$1.84 billion (S$1.93 billion) sale of its stake in Shanghai Rural Commercial Bank represents almost half the A$4.27 billion in Asian bank investments on the Australian lender's balance sheet at the end of September. The ANZ chief executive officer will find further disposals much harder.