ID :
169238
Fri, 03/18/2011 - 13:39
Auther :
Shortlink :
https://oananews.org//node/169238
The shortlink copeid
ASIA TO DRIVE 30 PCT OF ANZ BANK PROFIT BY 2017
MELBOURNE, March 18 (Bernama) -- ANZ Banking Group Ltd, which has a stake in Malaysia's AMBank Group, has flagged a target of doubling to 30 per cent the proportion of its profit generated from outside of Australia and New Zealand.
Chief executive Mike Smith announced the 2017 target in an update on the group's expansion into Asia Friday.
Smith was one of the leading Australian corporate leaders who attended the business roundtable hosted by Prime Minister Datuk Seri Najib Tun Razak here early this month.
The latest ANZ target comes three years since the bank first set profit goals from outside Australia as part of a "super regional" strategy, the Australian Associated Press (AAP) reported.
He said that despite the challenges presented by the global financial crisis, ANZ's plan to branch out into the developing Asian economies had progressed well.
Growth in ANZ's Asia Pacific, Europe and Americas division would occur through organic growth, partnerships and mergers and acquisitions, he said.
"I believe that the dislocation in global markets is continuing and that is going to create further M&A (merger and acquisition) opportunities for us," Smith said.
Chief executive Mike Smith announced the 2017 target in an update on the group's expansion into Asia Friday.
Smith was one of the leading Australian corporate leaders who attended the business roundtable hosted by Prime Minister Datuk Seri Najib Tun Razak here early this month.
The latest ANZ target comes three years since the bank first set profit goals from outside Australia as part of a "super regional" strategy, the Australian Associated Press (AAP) reported.
He said that despite the challenges presented by the global financial crisis, ANZ's plan to branch out into the developing Asian economies had progressed well.
Growth in ANZ's Asia Pacific, Europe and Americas division would occur through organic growth, partnerships and mergers and acquisitions, he said.
"I believe that the dislocation in global markets is continuing and that is going to create further M&A (merger and acquisition) opportunities for us," Smith said.
