Smith gives himself a final hurrah at ANZ
Yesterday Mike Smith addressed ANZ shareholders in Adelaide for what was one of his final official duties as chief executive of the banking group. It served as a send-off for Smith, who took the opportunity to highlight his achievements in the eight years atop ANZ, especially his Asia expansion plans."Over those years through, there were times at which I felt we had to swim against the current," he said."In 2007, Australia didn't see itself as part of Asia. Today we all understand our economic future is directly tied to Asia."In Asia, we are deepening our presence in institutional banking with growth in key markets," Smith said."You may be surprised to learn that Greater China is now our third largest market after Australia and New Zealand. This year their profits were up by 20 per cent.""... to sum up, 2015 was another good year for ANZ; a record year that reflected a consistent focus on our core strategy while continuing to adapt to changing and sometimes volatile conditions," he said.Smith noted that he leaves ANZ with "significantly strengthened capital": "Common Equity Tier 1 capital has increased from 4 per cent in 2007 to over 9 and a half per cent in 2015..... total assets have more than than doubled to nearly A$900 billion and our loan-deposit ratio has improved from around 170 per cent to 130 per cent."Smith then left his final mark for the incoming CEO: "Under Shayne Elliott's leadership our strategy will continue to evolve. The immediate focus for the management team is in three key areas - improving returns, controlling costs, and managing credit quality."