The perks of ANZ’s Asian infatuation

A subtle shift from quantity to quality in Asia, and continued cost-cutting at home, has helped Mike Smith trump critics of his strategy with impressive results.

Against the backdrop of increasing scepticism about the merits of ANZ Banking Group’s Asian strategy, chief executive Mike Smith clearly feels the need to convince the market that he can walk and chew gum at the same time. It appears he can.

Today’s commentary around ANZ’s full-year results contained a spirited defence of the strategy, unique within the Australian banking system.

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