ANZ Seeks Growth Opportunities at Home

Australian & New Zealand Banking Group is open to potential acquisitions for domestic growth, including retail assets from Citigroup’s retreat. Chief executive Shayne Elliot said that ANZ was in a really strong position to seek growth opportunities, according to a report. Elliot did not rule out potential acquisitions like retail assets from Citi, which recently exited 13 consumer banking markets.

If opportunities come along, we have the capacity managerially, which is really important, because it’s not just about the money, and we certainly have the financials to take those things seriously. We will take the opportunity when it comes, he explained.

Capital for growth at the Australasian lender was boosted by its recent performance after profits for the six months ended March 31 surged to A$2.99 billion ($2.3 billion) compared to A$1.41 billion in the previous year.

This was driven in part by money set aside for bad debt provisions but were no longer required.

Other banks with reported interest in Citi’s retail assets in Australia include ING Bank, Macquarie, Bank of Queensland, and local insurer Suncorp.

Citi recently announced a major consumer banking pullout from 13 markets, including Australia and India.

In India, Citi’s retail exit is also drawing interest from the likes of DBS, Standard Chartered, and local lenders Kotak Mahindra and Axis Bank.