ANZ chief goes for a 'transformational' deal

Smith eyes a partnership with an Indian or Singaporean bank to expand further its Asian operations.

The chief executive of Australia and New Zealand Banking Group, Australia's fourth largest lender, wants to strike a major deal to catapult it into the Asia big league alongside HSBC and Standard Chartered.

CEO Michael Smith told Reuters in an interview on Tuesday he wants a transformational deal in five years or so after the bank had built out its Asian foundations.

Two bankers close to ANZ said he might have Singapore banks such as OCBC and UOB in mind, but given the time frame he might be lining up for a large Indian lender.

"It seems extraordinary to me that an economy the size of Australia shouldn't have at least one bank in the region which is of significant size," Smith said. "I think to be like a HSBC or a Standard Chartered in the region would be exactly right."

Australian banks traditionally punch below their weight: despite being ranked among the world's top-30 banks by market value, they do not venture too far from home.

View the full story in Alibaba.

Follow the link for more news on

Also Read

Deutsche Bank injects €571m to support India growth plans

Krungthai Bank temporarily closes 4 branches due to floods

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit