The biggest part of ANZ's business, the institutional division, produced a very mixed result. While parts of the business - markets, corporate finance and business banking - produced solid growth, the New Zealand institutional business, trade and transaction services and relationship  lending were down.Overall, the division made a profit of  $1.4 billion, up six per cent on the 2006 result. At the half year then chief executive John McFarlane said he was disappointed with the business. Not long after, its general manager was replaced.New chief executive Mike Smith made it clear yesterday that the institutional business was a work in progress. Smith said:  "It has an unfortunate history. We have not been using our franchise well. We have made management changes and we are putting emphasis on our strengths."Those strengths include the relationship banking team which was ranked number one in the latest Peter Lee survey.