ANZ lends more and less in Asia
An interview with ANZ's Asian chief in The Australian sheds some light on ANZ's lending tactics to Asian corporates over the last year.Commenting on the impact of the financial crisis on other international banks in Asia, Alex Thursby, Asia Pacific, Europe and America chief executive for ANZ, told the newspaper that: "Standard Chartered reined it back a bit, Citibank stopped lending and HSBC pulled it back a bit too."You had household corporate names saying `What's going on here?' so we stepped in quite aggressively and made inroads into a number of key relationships that would normally have taken four or five years."Thursby told the newspaper ANZ took the opportunity to exit more than 30 per cent of its existing loan portfolio to Asian corporates, and that lending assets remained flat in Asia in the year to September 2009.Shifting to ANZ's business in China only, Thursby clarified that ANZ Bank will invest a further $US400 million into its expanding business in China. ANZ is seeking to incorporate locally next year.