ANZ chief executive Mike Smith told an analysts' briefing yesterday the bank was overweight in the New Zealand banking market and he expected its contribution to group earnings to fall over the next five years. This change in the mix would come as a result of faster growth in Asia, but Smith did not rule out divesting parts of the New Zealand business.In his comments he also made reference to banking technology, the bank's cost structure and the credit markets.• Smith told guests at a Trans-Tasman Business Circle lunch in November that Australia was a banking technology backwater. At yesterday's briefing he said the bank's spend on technology was about right. It was a question of how the money was spent. He foreshadowed more investment in the Bangalore technology centre.• ANZ will have more of its costs on a variable basis, which means remunerating staff more on the basis of performance.• Smith described the state of the global credit markets as "nasty" and not likely to improve any time soon. The blowout in the spread of bills over cash is costing the bank $25 million a month in extra funding costs. The bank will be targeting higher levels of deposits.