Australia’s ANZ quits retail banking in the Philippines

A man walks past a branch of the Australia and New Zealand Banking Group Ltd (ANZ) in Sydney October 29, 2013. REUTERS/David Gray/File Photo

Australia and New Zealand Banking Group Ltd (ANZ) said on Monday it would close its Philippine retail banking business as big Australian banks try to shed capital-intensive assets amid stiffer bank capital rules.

“This decision is in line with ANZ’s strategic priority to simplify the bank and improve capital efficiency,” the lender said in a statement, adding the move allowed it to focus on institutional banking in the Southeast Asian nation.

ANZ said the last day of service for its Philippine retail banking operations would be Feb. 5, 2018.

Last week, bigger rival Westpac Banking Corp said it would sell its Hastings fund management business to a London-based asset manager.

In July, Australia set new rules for higher capital on the country’s largest banks with targets that would imply a combined capital shortfall of as much as A$8 billion ($6.12 billion), and raised the target of major banks’ Tier 1 ratio by 150 basis points to at least 10.5 percent by 2020.

In its full-year results, announced last month, ANZ said its common equity Tier-1 capital ratio at Sept. 30 was 10.6 percent, above the Australian Prudential Regulation Authority’s (APRA) target.

The company’s shares were slightly lower, down 0.2 percent, in early trade in a flat overall market.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.