SYDNEY (Nov 1): Just 10 months into the top job and Australia & New Zealand Banking Group Ltd boss Shayne Elliott is taking an ax to much of his predecessor’s Asian legacy. Smith more than doubled the number of ANZ’s Asian corporate clients and almost tripled the number of employees in the region to 21,000. Rules set by the Basel Committee on Banking Supervision require capital deductions for such shareholdings in other financial institutions. In its last financial year, ANZ’s overseas operations — primarily in Asia — consumed nearly a third of the bank’s capital, while accounting for less than one-fifth of profits. There were “significant similarities” between ANZ’s experience with banking in Asia, and National Australia Bank Ltd’s push into the U.K., Jain said.

Source: The Edge Markets November 01, 2016 04:40 UTC