ANZ aims to generate 25-30% of group profits
from its operations in Asia by 2017.
Australia’s third largest bank raised its
target from 20% contribution by 2012 due to a growing number of
Asians migrating to the country.
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ANZ is also building stronger synergies – or
what it calls super-regional networks – between units in Australia
and Asia to tap into the growing migrant market.
ANZ said Asian migrants make up 15% of
Australia’s population and predicts this group will produce 22% of
the bank’s target customers.
ANZ plans to increase the number of its
specialist migrant branches in 2011, but did not disclose a target.
At present, the bank has 18 migrant branches in Asia.
In Australia, the bank’s ambitions include
growing its mass affluent client base in with segment-specific
products; as well as investment in online and mobile platforms, in
particular front-end services such as an upgrade of the current
online banking service and multilingual ATMs.
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By GlobalDataANZ will also focus more on loans as the
battle for retail deposits between Australian banks has now shifted
to the retail lending, a market that is still weak despite a
recovering economy, the bank said.
