wealth management division, catching up with other Australian banks
which have been moving into international private banking.
ANZ’s domestic Australian joint funds management venture with the
Netherlands’ ING will not be ended by the move, ANZ said. ANZ’s
existing wealth management business, including its joint venture
with ING and the private banking division, will be part of the
lender’s Australian division.
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A separate Asia-Pacific division will develop ANZ’s Asian wealth
management arm.
The wealth venture, for which no commencement date has been set, is
aimed at complementing ANZ’s ambition to become an Asian
“super-regional bank”, a spokesperson said.
Under a new structure for the bank, ANZ plans to organise around
its three geographies – Australia, New Zealand and Asia-Pacific,
and its global institutional client business. Each geography will
focus on two customer segments, retail and commercial, which will
be coordinated globally.
The announcement came after ANZ revealed its restructuring aimed at
reducing bureaucracy. The plan is to reduce the layers of
management from 12 to seven.
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By GlobalData“The focus is on simplifying middle management without impacting
staff who serve customers in branches or call centres,” the
spokesman said.
After another review by the bank, ANZ Capital managing director
David Tonuri is leaving the group. His division, which funds
private equity and leveraged deals in the mid-market sector, is
being appraised by acting institutional boss Alex Thursby.
Up to 10 fringe businesses in the institutional unit, established
in the boom years for financial markets, are being assessed for
their profitability and strategic importance.
