MENU

ANZ restructures International Banking division to focus on Asia

Since being appointed to his position in April and after 60 days of listening to the stakeholders of ANZ’s (ASX: ANZ) International and Institutional Banking (IIB) division, its new boss, Andrew Géczy, is making comprehensive changes to the management and structure of the division.

As part of the restructure, Mr Géczy has appointed Gilles Planté as deputy head of IIB whilst Europe, America, the Middle East and India boss Mark Robinson and IIB’s chief administration officer Malcolm Perry will both leave the bank. Mr Géczy has been charged with driving ANZ towards its goal of becoming a “super-regional” player in Asia.

“I have now spent more than 60 days listening to more than 3000 people inside and outside ANZ, about how things are done here and what steps we need to take to improve our ability to serve customers.” Mr Gréczy said in a memo to staff.

In coming years he could be a possible successor to group CEO Mike Smith, although he says the regional strategy is one of the reasons he joined the bank: “Our vision to be the best-connected, most respected bank in the region is one of the key reasons I joined the bank.” ANZ, unlike others such as Westpac  (ASX: WBC) or the Commonwealth Bank  (ASX: CBA), is relying on the rise of Asian economies to be a massive driver of growth in coming years.

By 2017 the group hopes between 25% and 30% of revenue will come from the Asia Pacific, Europe and Americas business. It currently generates roughly 17% of operating income.

Foolish takeaway

Mr Géczy brings a wealth of experience from his previous job at Lloyds bank, and  will be eager to perform after taking the reins from Alex Thursby. ANZ’s Asian success depends on its ability to grow both organically and acquisitively. Under the watchful eye of some of the most sort after bankers worldwide, ANZ looks set to perform well for shareholders in coming years.

Want a better DIVIDEND than the BIG BANKS?

Discover The Motley Fool’s favourite income idea for 2014 in our brand-new, FREE research report, including a full investment analysis! Simply click here for your FREE copy of “The Motley Fool’s Top Dividend Stock for 2013-2014.”

Motley Fool Contributor Owen Raszkiewicz does not have a financial interest in any of the mentioned companies. 

5 ASX Stocks for Building Wealth After 50

I just read that Warren Buffett, the world’s best investor, made over 99% of his massive fortune after his 50th birthday.

It just goes to show you… it’s never too late to start securing your financial future.

And Motley Fool Chief Investment Advisor Scott Phillips just released a brand-new report that reveals five of our favourite ASX stocks for building wealth after 50.

– Each company boasts strong growth prospects over the next 3 to 5 years…

– Most importantly each pays a generous dividend, fully franked.

Simply click here to find out how you can claim your FREE copy of “5 ASX Stocks for Building Wealth After 50.”

See the stocks now