The boss of Australia’s fourth-largest bank believes banking regulations will be altered permanently after recent shocks in the US and in Europe.
ANZ has remained defiant in the face of pressure to stop providing finance to businesses expanding fossil fuel projects,with the bank’s chairman telling shareholders they won’t abandon energy and resources companies at a time of energy shortages and high prices.
When ANZ’s CEO took charge he promised to deliver rapid change by adopting a tech work culture called agile. What went wrong?
Shayne Elliott acknowledged many Australians have strong buffers to deal with rising interest rates,but warned some at the “extremes” of society will struggle.
ANZ Bank’s pursuit of Suncorp’s banking unit has been seven years in the making and will make ANZ the third-biggest mortgage lender in the country.
“I think it’s clear that this is not just a temporary blip and we’re back to where it was,” ANZ chief executive Shayne Elliott said.
As technology-based rivals try to pick off bank profits,ANZ chief executive,Shayne Elliot,says the bank’s new retail banking platform will help it keep the competition at bay.
ANZ’s profit margins have taken a hit from the fierce competition in mortgage lending,as the bank tries to stem losses in home loan market share following last year’s blowout in processing times.
Banks are primed to hand back billions of dollars of excess capital to investors,in sharp contrast to last year when they were told to batten down the hatches.
ANZ said it had the financial strength to support pandemic-affected customers while also returning surplus capital to investors.
When the chiefs of Australia’s four banks went to bed after listening to Treasurer Josh Frydenberg deliver a massive spending budget,they surely counted dollars rather than sheep.