ANZ chief executive Shayne Elliott said there were “very real stresses” in the economy,but that much of it was outside the banking system.
It’s a sticky decision for Treasurer Jim Chalmers given his government has been waging a war on the dominant players in concentrated industries.
The Australian Competition Tribunal has overturned the competition watchdog’s decision not to allow ANZ’s proposed acquisition of Suncorp’s banking arm.
Shayne Elliott signalled the bank would remain “competitive but not market-leading” in its mortgage pricing as it looks to grow home loans profitably amid high inflation and interest rates.
Now that all the major banks have reported their 2023 profits,the conventional notion that Australia’s big four lenders act as a herd is being challenged.
The competition regulator has been criticised for blocking ANZ’s bid to acquire Suncorp bank. But why are no hard questions being asked of ANZ’s chief executive,Shayne Elliott?
The big four banks are expanding their back office footprint in India,citing a shortage of necessary technology talent in Australia.
ANZ is keen to invest more capital into the part of the bank that services big corporations,a sector that’s benefiting from volatility.
Business hopes for the Indian economy haven’t always paid off,but ANZ Bank’s top brass are convinced this time is different.
Shayne Elliott says that while some rivals are walking away from the home loans business,ANZ will not step back from a mortgage market that is the most competitive he has seen.
The boss of Australia’s fourth-largest bank believes banking regulations will be altered permanently after recent shocks in the US and in Europe.