The wealth management business of Australia’s ANZ made up just 8 per cent of its earnings, however according to the CEO, wealth will be a key driver as the bank restructures. What does this mean?
ANZ’s wealth division will play a more central role as the bank pushes on with its operational restructure, says the bank’s chief executive, Shayne Elliott.
According to Elliott the wealth division at ANZ is complicated due to the various layers that have been acquired, built and purchased over recent years.
Closer to Retail
His vision is to simplify the wealth business making sure it is closely aligned with the retail business. This is Elliott’s biggest challenge as the wealth unit was separated from the rest of the bank years ago to differentiate and brand it as a stand alone offering.
Speaking the media in Australia Elliott and his Managing Director for Wealth Australia, Alexis George spoke at length about the onshore business.
Mass Affluent
Asia was not on the agenda and with the loss of several senior Asian centric private bankers in Australia to international rivals the outlook for the Singapore and Hong Kong wealth units looks more uncertain.
Add in the recent departure of the respected former wealth head Joyce Phillips and it looks increasingly like ANZ Wealth will soon resemble a mass affluent red carpet retail offering.
