ANZ’s chief executive has announced the company will be looking to expand its holdings in the Asia Pacific region as international banks sell assets to stabilise their capital bases.  

 

ANZ chief Mike Smith told reporters in Mumbai that his company would do all it could to capitalise on market volatility to grow its asset base in the South East Asian region.

 

“A number of banks in Europe and possibly the States are gonna have to sell assets to improve their capital base,” Mr Smith said. “They will have to sell some of the family silver.”

 

The group intends to achieve 25-30 per cent of its growth from the Asia Pacific region by 2017 as it moves away from dependency on the local Australian market. ANZ’s continuing growth comes from the company’s traditionally strong balance sheet and high degree of capital growth.

 

“We actually emerged from the (2008) crisis with a much stronger balance sheet and I would like to do the same thing again," Mr Smith said.