Morningstar | Despite de-emphasising its Asian growth aspirations, ANZ Bank is an interesting alternative to domestic peers.
The current ANZ Banking Group was established in 1951, but the brand and origins stretch back to 1835. The push into Asia and the well-regarded Australia and New Zealand franchise is slanted toward corporate and business banking, with increasing exposure to retail banking and wealth. ANZ Bank has failed to deliver higher returns than major bank peers as a result of the lower return Asian businesses. Designed to leverage fast-growing trade and investment flow, both within Asia, and among Asia, Australia, and New Zealand, the Asian growth strategy failed to deliver higher growth. The focus in now squarely on Australia and New Zealand, where household and business credit growth provides modest upside. We are attracted to the outlook for growth and earnings upside, but we acknowledge increasing risks and lower shareholder returns.The author's superannuation fund owns shares in all four Australian major banks.Australia and New Zealand Banking Group provides a range of banking and financial products and services to retail, small business, corporate and institutional clients. Co. operates on a divisional structure with six divisions: Australia, Institutional, New Zealand, Wealth Australia, Asia Retail & Pacific and Technology Services & Operations and Group Centre. Co.'s core products offered include deposits, credit cards, loans, investments and insurance, retail products provided to consumers, and banking and financial solutions provided to business customers through managers, among others. As of Sept 30 2015, Co. had total assets of A$914,869,000,000 and total deposits of A$566,847,000,000.
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