In line with its minimalist bank strategy ANZ has sold another retail and commercial banking operation in the Asia Pacific region.
Last month ANZ exited the Cambodian market selling its 55 percent stake in a Cambodian joint venture. ANZ Royal Bank. In its latest disposal the Melbourne-based lender sold its retail, commercial and small-medium sized enterprise banking business in Papua New Guinea to Kina Bank, according to a media statement.
The deal will see ANZ sell 15 of its retail branches, 72 ATMs as well as ongoing roles for all relevant staff to Kina Bank in Papua New Guinea for $10 million.
Simplification Strategy
The latest transaction, although small, represents another pull back from the expansive Australasian strategy of former CEO Mike Smith. A strategy aimed at putting the bank at the forefront of Asia's growth.
When he reviewed the business units across Asia seven years later, current chief executive Shayne Elliott said they accounted for a paltry one percent of ANZ's profits. The bank is now focusing on trade and capital flows between Asean, North Asia and Australia where he thinks his bank has heft.
