The first half of 2014 may prove to be ANZ's most impressive half-year result to date, not least for the profitable contribution from its Asian operations. In yesterday's interim profit announcement, ANZ chief executive officer Mike Smith and chief financial officer Shayne Elliott once again outlined their shared ambition to expand the "less capital intensive aspects" of their "customer set" in Asia, thereby increasing profits and margins in areas such as trade finance and transaction banking income. This half-year, the group delivered volume increases in foreign exchange turnover (up 37 per cent), cash management deposits (up 20 per cent) and boosted income from funding of trade and supply chain expenses (up six per cent)."Profits from international and institutional divisions in Asia Pacific, Europe and Americas are up 43 per cent, based on regional trade and investment flows such as foreign exchange, cash management and trade finance," Smith said yesterday. International and institutional banking profit grew nine per cent with income up four per cent and expenses up three per cent, along with further credit quality improvements driving provisions down 18 per cent. The business continues to diversify its earnings with 52 per cent of income now coming from outside Australia and New Zealand and cash profit from APEA up 31 per cent.This success, though, has once again fired up fresh speculation over  ANZ's acquisition options, including the grandest and most inspiring option of all: a takeover of Standard Chartered.Similar rumours did the rounds at the start of the year, with a Bloomberg report citing a note from Citigroup analysts Craig Williams and Ronit Ghose to investors on 14 January that said: "A deal would be possible but unlikely."Nevertheless Banking Day has again heard strong rumours that ANZ is running another due diligence effort on Standard Chartered, and it seems worth taking these rumours seriously. Here are some views canvassed from insiders:As Citi's analysts said in January, Singapore's Temasek Holdings, the state-owned investment firm that holds 18 per cent of Standard Chartered, is critical. However, when Temasek bought into Standard Chartered, shares were selling at prices ranging from around £13 to £15  each. With its share price hovering well under £13 there will be a premium to be extracted, with Standard Chartered likely to argue that it is currently experiencing a temporarily low share price following its run-in with US authorities over money laundering allegations last year. Further, this will not be an acquisition of the type run by CBA in its takeover of the much smaller Bankwest outfit. An ANZ-Standard Chartered tie up would be much closer to a merger of equals, although at current valuations the Australian bank's market capitalisation is almost double that of its dual listed counterpart.There is also the attraction for ANZ of a neat personal exit strategy for their chief executive Mike Smith, should he desire one, in favour of the younger Peter Sands from Standard Chartered. Sands would then be able to add Australia and New Zealand to his empire, while folding in ANZ's Asian