ANZ has confirmed that at least some of its businesses in Asia are - or were - running at a loss.
Alex Thursby, ANZ's CEO of Asia Pacific, Europe and America, told
The Australian: "We've run retail at a loss (in Asia) for two years.
"You build branches and, guess what, you've got depreciation."
The September 2010 financials for ANZ, prepared on a "pro-forma" basis, showed that retail banking in Asia earned a profit of US$19 million. The bank did not disclose the actual profits for discrete business units in Asia at the time.