Retail News CRM

Tag: ANZ

  • ANZ to Streamline Operations: 3,500 Job Cuts and Shift in Contractual Services Announced

    ANZ to Streamline Operations: 3,500 Job Cuts and Shift in Contractual Services Announced

    In a significant move aimed at streamlining operations, Australia and New Zealand (ANZ) Banking Group Limited plans to cut approximately 3,500 jobs by September 2026. The announcement, made on September 9, 2025, included details about the bank’s intent to reduce its reliance on consultants and third-party services, as part of a broader strategy to simplify its structure.

    Job Cuts and Consultant Reductions

    ANZ’s Chief Executive Officer, Nuno Matos, stated that the bank would also re-evaluate its relationships with around 1,000 managed services contractors. “Our changes also include ending or reviewing our engagements with consultants and other third parties,” Matos noted, underscoring the bank’s intention to operate more efficiently.

    Financial Impact of Restructuring

    The financial implications of these changes are notable; ANZ anticipates a restructuring charge of approximately $560 million before tax in the second half of 2025. This financial adjustment highlights the challenges that lie ahead as the bank navigates its transformation.

    Support for Departing Employees

    Matos acknowledged the emotional toll these changes could have on employees. “We know this will be difficult news for some of our staff,” he remarked, emphasizing the importance of handling the situation with care. “While some of these changes have already commenced, we are committed to working through the impacts as quickly and safely as we can, with both care and respect for our teams affected.”

    In an effort to cushion the blow for those losing their jobs, ANZ has pledged to roll out a robust support program. This initiative will offer individual assistance, career advice, planning support services, and access to a career training fund to help affected employees transition smoothly into new opportunities. After all, in the world of finance, job cuts can be a bit like reorganizing a Tetris game—there’s often more at stake than just the blocks on the screen.

    Questions & Answers

    What is the reason behind ANZ’s decision to cut jobs?
    The layoffs are part of a broader strategy to simplify the bank’s operations and reduce reliance on consultants and third-party services.

    How many jobs will be affected by ANZ’s restructuring?
    Approximately 3,500 jobs are expected to be cut by September 2026.

    What support will be available for employees affected by the layoffs?
    ANZ will provide a comprehensive support program that includes individual assistance, career advice, planning support services, and access to a career training fund.

  • Jack Link’s Acquires Kooee! Snack Foods In Strategic Expansion Into Anz Meat Market

    Jack Link’s Acquires Kooee! Snack Foods In Strategic Expansion Into Anz Meat Market

    Jack Link’s, the renowned meat snack company, has recently expanded its reach in the Australia and New Zealand (ANZ) region by acquiring Kooee! Snack Foods, a popular meat snack brand based in Tasmania. Effective immediately, the deal incorporates Kooee!, celebrated for its clean-label, grass-fed beef sticks, into the Link Foods Apac collection, which is Jack Link’s regional division headquartered in Australia.

    Integration and Expansion

    As a result of the acquisition, Kooee! will be integrated into Link Foods’ operations, thereby benefiting from increased production capabilities, wider distribution, and enhanced research and development opportunities. However, the brand will retain its unique identity and the integrity of its products.

    Shannon O’Connell, Managing Director of Link Foods Apac, lauded Kooee!’s brand attributes. He stated, “Kooee! possesses a brand personality that excellently mirrors the present-day snacking preferences of consumers – natural, rich in protein, and created with integrity. Its dedication to quality and clean ingredients is unparalleled and we consider this a significant addition to our expanding portfolio in Apac.”

    Strategic Acquisition

    This acquisition is a strategic move by Jack Link’s to invest in high-growth, health-conscious brands within the $15 billion global meat snacks market. It signifies the company’s commitment to providing healthier snacking alternatives to consumers.

    Kooee!, established by former consultants Shaun Malligan and Andy Fist in 2015, offers its products in Woolworths, Coles, and major health retailers across the country. The brand’s reputation for clean, high-quality ingredients aligns perfectly with Jack Link’s commitment to delivering wholesome, satisfying snacks.

    Questions & Answers

    What is the significance of Jack Link’s acquiring Kooee! Snack Foods?
    The acquisition signifies Jack Link’s strategic move to invest in high-growth, health-conscious brands to expand its portfolio in the global meat snacks market.

    What changes should Kooee! expect following the acquisition?
    Kooee! will be integrated into Link Foods’ operations, gaining increased production capabilities, wider distribution, and enhanced research and development opportunities.

    Will Kooee! maintain its brand identity after the acquisition?
    Yes, despite the acquisition, Kooee! will retain its distinct brand identity and the integrity of its products.

  • NEC ANZ Welcomes Keith Morrison as Its New CEO, Marking a Fresh Chapter for the Company

    NEC ANZ Welcomes Keith Morrison as Its New CEO, Marking a Fresh Chapter for the Company

    NEC Australia & New Zealand (ANZ) is set to undergo a leadership change as President and CEO Jason Price announces his resignation effective at the end of July 2025. After nearly three years at the helm, he will hand over the reins to Keith Morrison, whose appointment as CEO will take effect on August 1, 2025.

    Leadership Through Transformation

    During his tenure, Price has been a guiding force in steering NEC ANZ through substantial transformation, enhancing operational efficiencies, emphasizing customer engagement, and laying a strong groundwork for future growth. His leadership has ushered in modernization, setting the stage for the company’s next chapter.

    The Incoming CEO’s Vision

    Morrison joined NEC in 2024 as Senior Vice President and played a key role in developing the organization’s strategy for fiscal years 2025 to 2027. With over 25 years of experience in telecommunications, IT services, and business transformation, he has held senior positions at Datacom and Kinetic IT. His rich background positions him well to lead NEC into a promising future.

    Continuity and Change in Leadership

    Morrison’s promotion signals a commitment to delivering value to customers, strengthening strategic partnerships, and expanding NEC’s footprint across Australia and New Zealand. The transition promises continuity in leadership, facilitated by a collaborative handover process backed by Price and NEC’s regional and global stakeholders.

    A Solid Foundation for Growth

    Reflecting on his time, Price remarked, “It’s been a privilege to lead NEC through a defining period. I’m proud of the progress we’ve made—reshaping the business, strengthening our culture, and setting a clear path for the future. I am confident that Keith is the best person to guide the business through its next phase. He brings the right mix of deep experience, energy, clear vision, and a strong understanding of NEC’s strategy and values.”

    Morrison’s Exciting Challenge

    Morrison is optimistic about the company’s prospects in the region. “This is an exciting time for the business. We’ve laid the groundwork for something significant,” he said, eager to lead NEC’s next chapter. His focus will be on accelerating growth, enhancing value, and building upon the solid foundation established by Price and the team.

    Based in Perth, Western Australia, Morrison’s ascent to CEO emphasizes NEC’s commitment to investing in and growing within this strategically vital region. The company expressed heartfelt gratitude for Price’s leadership and contributions while wishing him every success in his future endeavors. After all, leading a company through transformation can sometimes feel like juggling flaming torches—daring, indeed, but captivating for those who know how to handle it.

    Questions & Answers

    What were some key accomplishments during Jason Price’s tenure?
    During his time as President and CEO, Jason Price guided NEC ANZ through significant transformational changes that improved operations, enhanced customer focus, and set the company up for sustainable growth.

    What experience does Keith Morrison bring to his new role as CEO?
    Keith Morrison has over 25 years of experience in telecommunications, IT services, and business transformation, training his sights on expanding NEC’s presence in Australia and New Zealand since joining the organization as Senior Vice President in 2024.

    How does NEC view the transition in leadership?
    The transition ensures continuity and is supported by both outgoing and incoming leaders, with a shared vision for accelerating growth and enhancing customer value in the region.

  • ANZ Customers Set to Splash $280 Million on European Adventures This Summer!

    ANZ Customers Set to Splash $280 Million on European Adventures This Summer!

    Travel bookings among Australians have witnessed a remarkable upswing, with hotel and airline reservations soaring by 11% between January and May 2025. The Australia and New Zealand Banking Group (ANZ) anticipates that this momentum will lead to a projected $280 million in customer spending across Europe for the coming months of June, July, and August—a healthy 10% increase compared to the previous year.

    “The robust growth in early travel planning indicates that many of our customers are eager to explore Europe this year,” asserted Yiken Yang, ANZ’s managing director of everyday banking. While this spending may not reach the impressive $313 million peak seen in 2023, Yang is optimistic about the travel sector’s vibrant resurgence in 2025.

    As Australians shed the winter chill, they are increasingly gravitating toward exotic destinations, with Japan and Thailand emerging as favorite holiday spots. According to ANZ, there’s also a notable curiosity for travel within Asia and the Pacific, indicating a wider diversification in travel choices. “Aussies continue to switch out their winter with new travel experiences,” Yang remarked, reflecting a shift in traveler priorities.

    Interestingly, while European travel from ANZ customers experienced a dip in 2024, non-European destinations have seen a 3% increase in spending. Regions like Indonesia, New Zealand, Thailand, and Japan have captured the attention of holidaymakers, with Japan reflecting an impressive year-on-year growth of 32.4%. This surge has solidified Japan’s place among the top 10 travel destinations for ANZ customers, positioning it as a key player in the global tourism landscape.

    Questions & Answers

    How much is ANZ predicting for customer spending in Europe this summer?
    ANZ projects that customer spending in Europe will reach $280 million during the months of June, July, and August in 2025, marking a 10% increase from the previous year.

    Which destinations are gaining popularity among Australian travelers?
    Japan and Thailand are emerging as top holiday spots for Australians, with Japan reporting a significant 32.4% growth year-on-year.

    How does the travel spending in 2025 compare to 2024 and 2023?
    While spending in 2025 is expected to increase from 2024, it is not anticipated to surpass the peak of $313 million seen in 2023, indicating a growing optimism for the travel sector’s recovery.

  • ANZ’s Technology and Group Services Executive Announces Retirement, Marking a New Era for the Bank

    ANZ’s Technology and Group Services Executive Announces Retirement, Marking a New Era for the Bank

    In a rapidly evolving retail landscape, Asia continues to be a hotspot for innovation and consumer engagement. With burgeoning economies and a tech-savvy population, retailers are increasingly focused on strategies that captivate the modern shopper. Amidst this backdrop, a fresh wave of creativity is emerging, allowing brands to connect with consumers in unexpected ways that resonate deeply with their lifestyles.

    Changing Consumer Behavior and Retail Adaptation

    As shopping habits shift due to factors like digital transformation and changing demographics, retailers are adapting their approaches to meet evolving consumer needs. The rise of e-commerce has not only revolutionized how products are sold but has also challenged traditional brick-and-mortar strategies. Here, the importance of integrating technology into the shopping experience cannot be overstated. Retailers are leveraging data and analytics to personalize experiences, creating a seamless transition between online and offline worlds.

    The Power of Localized Strategies

    Asia’s diverse markets require retailers to adopt localized strategies to truly resonate with consumers. Companies are honing in on cultural nuances and preferences, whether it’s a brand that launches a limited-edition product reflecting local festivals or one that embraces regional tastes and traditions in its offerings. Such strategies not only enhance brand loyalty but also foster a sense of community, proving that sometimes thinking small is the key to large-scale success.

    Experiential Retail: The Leap Beyond Transactions

    As the retail experience evolves, many brands are realizing that it’s not just about the sale anymore—it’s about the experience. Retailers are crafting environments that go beyond transactions, turning stores into lifestyle hubs that encourage customer engagement and interaction. Imagine shopping in a space that feels more like a trendy cafe than a conventional store, where events and social gatherings thrive. This movement toward experiential retail is drawing in consumers, turning casual visitors into dedicated brand enthusiasts.

    Sustainability Takes Center Stage

    Environmental consciousness is no longer a mere add-on; it is now pivotal in shaping retail strategies across Asia. From sustainable sourcing to eco-friendly packaging, consumers increasingly seek brands that align with their values. Retailers are embracing sustainability not just as a responsibility but as a unique selling proposition, showcasing their commitment to the planet. It’s a refreshing shift in the industry, proving that being good to the Earth can also be good for business.

    Looking Ahead: The Future of Retail in Asia

    As we look towards the future, the Asian retail sector stands at a crossroads of tradition and innovation. With challenges come opportunities, and the ability to pivot and adapt will determine success in this dynamic market. Retailers who navigate these waters with agility and creativity are poised to thrive, continually engaging consumers in ways that surprise and delight. It’s a thrilling time to be part of the retail scene—after all, you never know when a shopping spree might turn into an unforgettable experience!

    Questions & Answers

    What strategies are retailers in Asia adopting to adapt to changing consumer behaviors?
    Retailers are increasingly utilizing data and analytics to personalize experiences and create seamless integration between online and offline shopping.

    How important is localization for brands operating in diverse Asian markets?
    Localization is critical, as brands that tailor their strategies to fit cultural nuances and preferences are more likely to foster brand loyalty and community engagement.

    What role does sustainability play in the future of retail in Asia?
    Sustainability has become a central focus for many brands as consumers actively seek out products and practices that align with their environmental values, making it a key competitive advantage.

  • PepsiCo makes new leadership appointments across ANZ

    PepsiCo makes new leadership appointments across ANZ

    PepsiCo has appointed Kyle Faulconer – its current CEO for Australia and New Zealand (ANZ) – to a wider role, including responsibility for IndoChina Foods.

    Faulconer moved from the US in 2021 to join the company as its new leader in the ANZ market. According to Wern-Yuean Tan, chief commercial officer and CEO for Apac at PepsiCo, Faulconer’s leadership over the past two years has helped drive the company to new heights.

    “Kyle has identified new growth platforms that have enabled portfolio and channel expansion, as well as stronger capabilities, including marketing transformation and demand acceleration,” said Tan.

    “With a people-first approach, Kyle has also personally invested significant time into talent development, empowering teams and facilitating growth opportunities.”

    The company has also made two new GM appointments to support Faulconer’s promotion.

    Alexa Horley, CCO for PepsiCo Australia, has been named GM of Australia Foods and has end-to-end responsibility for the food business.

    Horley has an 18-year tenure at PepsiCo and has held various leadership positions locally and in Asia. In her most recent role, she has led the commercial agenda, delivering strong category growth and business expansion, transforming commercial capabilities – including the digital and data agenda – and accelerating e-commerce.

    Stephan Anderson, current CFO for PepsiCo ANZ, has been given an additional role as GM for ANZ Beverages.

    In his new role, Anderson will lead the finance functions across ANZ Food and Beverages and will be responsible for the entire beverages business.

    Anderson joined PepsiCo in 2022 and has helped transform its finance function by introducing innovative digital solutions and elevating its partnering capabilities.

    The company added that Anderson played a pivotal role in the beverage business by improving relationships with bottling partners and successfully launching Bubly last year, the first brand PepsiCo has launched since it began operations in Australia.

    “Alexia and Stephan are valuable members of our leadership team, and I am thrilled that they have taken up their new roles,” shared Faulconer.

    All appointments are effective immediately.

    Lees ook:

  • ANZ Pharma becomes Fiji Kava’s distributor in New Zealand

    ANZ Pharma becomes Fiji Kava’s distributor in New Zealand

    Fiji Kava (FIJ) has appointed healthcare wholesale company ANZ Pharma as its exclusive distributor in New Zealand.

    As part of the agreement, ANZ Pharma will launch the Fiji Kava range of capsules and drinking kava in the New Zealand market.

    The products will be stocked through retail channels such as supermarkets, tourism retail outlooks and petrol, route and convenience stops.

    The contract includes a sales performance requirement of $1.1 which, if met, could extend the deal by another three years.

    “Alongside the Australian market, the New Zealand market has seen a big increase in demand for kava products over the last year,” Fiji Kava CEO Anthony Noble said.

    “The team has worked hard to find the right partner, and working with a strong company like ANZ Pharma, who have a stable of national and multinational clients including Bondi Sands, Herbs of Gold, Unilever, Red Bull and Reckitt, gives us great confidence to re-enter this important market.”

    ANZ Pharma Director Nitin Patel said the partnership was in alignment with the company’s long-term strategic goal of bringing high-quality products at great value to New Zealand consumers.

  • ANZ Seeks Growth Opportunities at Home

    ANZ Seeks Growth Opportunities at Home

    Australian & New Zealand Banking Group is open to potential acquisitions for domestic growth, including retail assets from Citigroup’s retreat. Chief executive Shayne Elliot said that ANZ was in a really strong position to seek growth opportunities, according to a report. Elliot did not rule out potential acquisitions like retail assets from Citi, which recently exited 13 consumer banking markets.

    If opportunities come along, we have the capacity managerially, which is really important, because it’s not just about the money, and we certainly have the financials to take those things seriously. We will take the opportunity when it comes, he explained.

    Capital for growth at the Australasian lender was boosted by its recent performance after profits for the six months ended March 31 surged to A$2.99 billion ($2.3 billion) compared to A$1.41 billion in the previous year.

    This was driven in part by money set aside for bad debt provisions but were no longer required.

    Other banks with reported interest in Citi’s retail assets in Australia include ING Bank, Macquarie, Bank of Queensland, and local insurer Suncorp.

    Citi recently announced a major consumer banking pullout from 13 markets, including Australia and India.

    In India, Citi’s retail exit is also drawing interest from the likes of DBS, Standard Chartered, and local lenders Kotak Mahindra and Axis Bank.

    Lees ook:

  • DBS Avoids Larger M&A Deals

    DBS Avoids Larger M&A Deals

    DBS group chief executive Piyush Gupta said it would avoid acquisition targets with large deal sizes in order to maintain concentrated focus on its digital transformation.

    According to Gupta, the bank would target deals valued at about five percent of DBS’s market cap (around $3.7 billion as of publishing) and avoid larger ones in order to focus on a digital market he calls «the battleground of the future».

    The general thesis for us is that we still think that the digital transformation requires energy and bandwidth,» he explained. If I did a bigger deal and I wound up saying that I’m going to lose two years’ worth of tech work that would be quite a cost to pay.

    Piyush reiterated that the bank remained open to acquisitions but noted that the size preference was due a successful track record of «very quick returns» via digital integration, referencing the bank’s $81 million purchase of ANZ’s Asian wealth and retail business in 2016.

    We realized that if you get a core customer base at a sensible price, and then overlay our digital capabilities and tools on top of that, it can actually be very accretive, very quickly,» Gupta said. «So we are open to exploring those, but again, it’s a fine call. When does it become too big – one that is going to subsume everything else?

    One such financial institution which may qualify for the bank’s taste is Indonesia’s Bank Permata, valued at around $2.7 billion, in which DBS has reportedly expressed interest. Currently, Japan’s SMFG and Singaporean rival OCBC are believed to be frontrunners for the medium-sized lender.

    Lees ook:

    Lees ook:

  • ANZ Appoints International Head of Sustainable Finance

    ANZ Appoints International Head of Sustainable Finance

    Australia and New Zealand Banking Group appointed a new international head of sustainable finance, as demand for ESG-related funding continues to grow especially in Asia.

    Stella Saris was appointed to the Singapore-based role reporting to Nick Halkas, head of infrastructure, export and sustainable finance – international in the city-state; and to Katherine Tapley, head of sustainable finance in Sydney.

    Saris was most recently a director of resources, energy and infrastructure at the ANZ, where she first joined in 2004. Saris boasts a wealth experience in private-public partnerships in the Asia Pacific region including in Australia, Singapore, Indonesia and Papua New Guinea in both advisory and lending capacity.

    Sustainable finance continues to grow as investors build greater awareness about ESG-related risks, such as climate change. According to global ESG research firm Sustainalytics, social and sustainability bond issuances totaled nearly $59 billion in 2018, highlighting Asia as a growth driver for social assets due to greater flexibility for decision making amongst treasurers in the region.

    Lees ook:

  • Former ANZ employee to stand trial in million dollar fraud case

    Former ANZ employee to stand trial in million dollar fraud case

    A former ANZ Bank employee will be tried for allegedly falsifying customers’ signatures and misappropriating over VND91.3 billion ($4 million). Ho Chi Minh prosecutors have submitted to the court an indictment against Nguyen Pham Gia Tho, a former employee of ANZ, and his sister-in-law Nguyen Tuong Vi, director of an agricultural product export/import company, for appropriating property through fraud.

    According to the indictment, in 2015, Tho was head of customer relations at ANZ’s South Saigon branch in District 7 and was tasked with mobilizing savings deposits, providing insurance sales advice and proposing mortgages.

    During his time, he allegedly falsified signatures of customers with saving accounts to register for internet banking service and then transferred their money into his or his relatives’ accounts. Specifically, in early 2016, Tho was asked by a customer named Mai to help manage her bonds worth VND3 billion ($130,000) with securities firm VPBS. Abusing her trust, he falsified six contracts to mortgage the bonds and secure loans from VPBS.

    Tho asked his mother to impersonate Mai and register for internet banking service, then transferred the VND3 billion to her account so that he could withdraw from it. In July 2017, to have money for a fruit trading business with his sister-in-law Vi, Tho falsified signatures of several ANZ customers to open joint bank accounts in their names and one of his relatives.

    He then falsified documents to secure loans from the bank for the joint accounts before appropriating the money by transferring them into Vi’s and his own accounts. In total, Tho was determined to have misappropriated a total of VND91.3 billion (nearly $4 million), with Vi an accomplice in the misappropriation of over VND80 billion of this money. The relatives of Tho and Vi, whose identities were used to open the joint accounts, will not be prosecuted as investigators concluded they were unaware of the fraud and did not benefit from it.

    Lees ook:

    Lees ook:

  • Hana Bank reveals Vietnam expansion plan

    Hana Bank reveals Vietnam expansion plan

    South Korean banks are setting themselves up to score big in Vietnam as foreign ownership limits would be loosened. South Korea’s second-largest lender by assets, KEB Hana Bank, is interested in buying a 17.65 percent stake in the Bank for Investment and Development of Vietnam (BIDV), a source said. BIDV is currently the second-largest state-owned lender in Vietnam by assets. 95.28 percent of its equity belongs to the country’s central bank, the State Bank of Vietnam (SBV).

    The SBV has “proposed to sell” the stake to KEB Hana for 30 billion won ($26.6 million), said the source, who requested anonymity.

    Last year, Shinhan Bank, a commercial banking unit under Seoul-based Shinhan Financial Group, acquired ANZ Vietnam’s retail unit, bringing along the Australian bank’s 95,000 credit card customers.

    Shinhan Bank has recently become the largest foreign bank in Vietnam with $3.3 billion in assets, surpassing HSBC.

    Vietnam presented a draft securities law in Hanoi earlier this month that would remove the current 49 percent foreign ownership cap in many sectors, allowing majority or even 100 percent ownership of a company.

    Although the limit for banks remains at 30 percent, government economic advisor Can Van Luc said at the draft presentation forum on November 7 that authorities would consider raising this limit for banks on a case-by-case basis, Reuters reported.

    Analysts say Vietnam’s growth potential and deregulation plans make it an attractive market for South Korean banks.

    “Vietnam is the most desirable market among emerging countries,” said Seo Young-soo, an analyst at Kiwoom Securities.

    “It has more advanced urbanization, and its market is more concentrated compared to Indonesia. Its government-driven economic development model is also familiar to South Korean banks, which have grown under the same strategy,” Seo said.

    Data from the Seoul-based regulator Financial Supervisory Service (FSS) show that total assets held by South Korean banks in Vietnam increased 18.9 percent last year to $5.7 billion.

    This ratio is higher than that of foreign lenders overall, whose combined total assets increased 12.9 percent to $42 billion during the same period, FSS said. South Korean lenders’ combined net profit in Vietnam also jumped 28.9 percent last year to $61 million.

    Vietnam has nine wholly-owned foreign banks, four state-owned banks and 31 domestic joint-stock banks.

    Lees ook:

  • ANZ Vietnam reports 75 pct fall in profit in H1

    ANZ Vietnam reports 75 pct fall in profit in H1

    ANZ Vietnam’s profits fell 75 percent in the first half of this year following the sale of its retail arm to Shinhan Bank.

    The bank’s financial report shows its after-tax profits were VND41 billion ($1.76 million), down from VND171 billion ($7.33 million) in the same period last year.

    Net interest income and net income from its foreign exchange business saw the biggest declines: 40 percent and 15 percent.

    ANZ Vietnam was one of the few lenders in the country to report negative credit growth, with loans outstanding edging down to VND12.6 trillion ($540 million) at the end of the second quarter.

    In the first half return on equity was only 25 percent of the rate a year earlier.

    But the poor performance notwithstanding, at the end of the first half its assets increased by 16 percent against the beginning of the year as deposits with the State Bank of Vietnam went up by VND320 billion ($13.72 million) and deposits with and loans to other credit institutions increased by VND4.15 trillion ($178 million).

    South Korea’s Shinhan Bank last year acquired ANZ’s retail business in Vietnam. The latter had around 125,000 individual customers, more than $231 million in loans outstanding and more than $578 million in deposits.

    According to the General Department of Taxation, the bank was the 156th biggest taxpayer in the country last year.

    Lees ook:

    Lees ook:

    Lees ook:

  • DBS completes acquisition of ANZ’s wealth, retail units in five Asian markets

    DBS completes acquisition of ANZ’s wealth, retail units in five Asian markets

    Singapore-headquartered and listed lender DBS Bank Ltd (DBS) announced on Monday that it has completed the acquisition of Australia & New Zealand Banking Group Ltd (ANZ)’s wealth management and retail banking businesses in Singapore, Hong Kong, Mainland China, Taiwan, and Indonesia.

    In a statement, DBS said the last tranche of the migration was successfully conducted in Indonesia over the weekend, with ANZ transferring its portfolio of businesses to DBS. The migration of businesses from ANZ to DBS started in July 2017, with the target of working towards a full completion of the acquisition in all markets by early 2018.

    In October 2016, DBS said it will pay $79 million above the book value for the ANZ businesses. ANZ has been financially structuring its businesses through cutting both inefficient assets and investments into other institutions. “With the successful acquisition of ANZ’s wealth management and retail banking business, about 90 percent of deposits, assets under management, and loans from ANZ were transferred to DBS,” the Singapore lender said.

    DBS added that the acquisition has added a large customer franchise to DBS in Indonesia and Taiwan, which are key markets for the bank. In Indonesia, DBS gained about 370,000 customers. The cards portfolio being transferred over to DBS Indonesia is also significant, with around 600,000 cards in circulation. In Taiwan, DBS added close to 520,000 customers.

    “This acquisition takes our business to the next level and gives us access to a sizable number of new customers, especially in our key markets like Indonesia and Taiwan,” said Tan Shu Shan, Group Head of Consumer Banking & Wealth Management at DBS. It also gives ANZ’s wealth customers access to more tailored solutions and a full suite of universal banking products supported by Asian insights, research and investment advice, Tan added.

    DBS is competing with larger international wealth managers including UBS Group AG and Credit Suisse Group AG, which are also expanding in Asia.

    Lees ook:

    Lees ook:

  • Veritas stung over Nosh disclosure

    Veritas stung over Nosh disclosure

    Veritas Investments has been publicly censured and fined $55,000 plus costs by the NZ Markets Disciplinary Tribunal for failing to immediately disclose to the market that it had agreed to sell or close its Nosh business as a condition of continued support from its bank.

    The censure relates to an announcement in September 2016 by Veritas that ANZ Bank New Zealand had agreed to renew its banking facilities, rescheduling its debt obligations and reducing its debt repayments.

    Veritas failed to disclose that to retain ANZ’s support it had agreed either to find an unconditional buyer for Nosh or to have closed the high-end supermarket.

    Veritas eventually disclosed the undertakings “following engagement by NZX Regulation”.

    In the event, it agreed to sell Nosh to Gosh Holding for $3.98 million but ended up in dispute with Gosh over breaches of the sale agreement.

    It had taken on a $5 million funding line from ANZ to buy Nosh in 2014 but struggled to turn it into a profitable business.

    NZX said Veritas has accepted its view that it breached disclosure rules by failing to immediately disclose material information to the market. The regulator said it took into account that Veritas had taken legal advice and considered its obligations under the continuous disclosure rules before electing to withhold the undertakings.

    Veritas is still under pressure from the bank to restore its finances. In August, ANZ said it wouldn’t renew $28.5m in banking facilities which came due in October and November this year. But earlier this month, Veritas said the bank had agreed to push out the deadline for all of the debt until November 30, giving the company more time to look at asset sales or refinancing.

    The company says it is in talks with external parties “on a number of scenarios including asset sales, mergers and refinancing”.

    Veritas shares last traded at 8 cents and have dropped 92 per cent in the past five years.

    Lees ook:

    Lees ook:

    Lees ook: