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Gonski flags the next phase of ANZ's Asia strategy

15 April 2014 4:48PM
ANZ's incoming chairman, David Gonski, believes the bank is ready to move to the next phase of its development in the Asian market, in which the bank can move beyond having a collection of minority relationships.Gonski sat on the ANZ board between 2001 and 2007 and then left to chair the Australian Securities Exchange. He is returning to replace retiring chairman John Morschel.In his first interview since returning to the bank, Gonski told ANZ's new news site BlueNotes: "[When I was here before] it was different times. There was a belief that you should take a number of marbles, so to speak, and put as many as you could in various locations in order to establish relationships."It is my perception - and obviously I haven't even started as chairman yet - that we've moved to the next stage where we know what we want from those relationships and we probably know to some extent what relationships we want. "So you don't need to cast generally, you don't need to just take a minority interest, you can look to a much more developed relationship and perhaps one that is more focussed on what we want to achieve."Gonski has returned  to ANZ at a time of board renewal. JT Macfarlane has just joined the board to replace Peter Hay, while long-term directors David Meiklejohn, Alison Watkins and Greg Clark have also stepped down. Paula Dwyer and Graeme Liebelt have been at the table less than a year.Gonski told BlueNotes: "Obviously having a comparatively new Board has some negatives.  Corporate memory is very important but on the other hand we have continuity through directors such as Lee Hsien Yang and Ian Macfarlane, we have a CEO and senior management team who have been here for a fair period and we've got a couple of people in the bank who obviously have been here for some time.  "I think that new boards often bring new outlooks and new perspectives and all I can say is that we're aware that we're going to be a new board and will work very hard within those confines.""I'm a believer in the Asia strategy. But that strategy acknowledges that where you have a good base in Australia you spend time and resources ensuring that it continues at a good strength."

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