ANZ smaller but better, CEO tells shareholders
He says strategy of selling non-core business units would help it increase shareholder returns amid difficult trading conditions
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Sydney
AUSTRALIA and New Zealand Banking Group (ANZ) said on Tuesday that its strategy of selling non-core business units would help it increase shareholder returns in the face of difficult trading conditions.
Chief executive Shayne Elliott said banks were facing about 3 per cent lower returns on equity due to rapidly changing technology, higher capital and liquidity requirements as well as a new government levy on the sector introduced this year.
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