ANZ to hire 1,000 in Singapore (Today 7 Aug)

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ANZ to hire 1,000 in Singapore (Today 7 Aug)

Posted by admin 6 August, 2009

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ANZ to hire 1,000 in S’pore

But retrenchments may be necessary too, as bank digests takeover of RBS’ Asian assets
by Rachel Kelly rachel@mediacorp.com.sg
05:55 AM Aug 06, 2009
AS PART of plans to use Singapore as a hub for commercial banking customers in the region, Australia and New Zealand (ANZ) Banking Group is looking to hire an additional 1,000 staff here over the next three years.

Mr Alex Thursby, chief for Asia-Pacific, Europe and America, revealed this yesterday in an interview with Channel NewsAsia.

On Tuesday, the lender had announced a US$550-million ($790 million) takeover of some of the Royal Bank of Scotland’s (RBS’) assets in Singapore, Taiwan, Indonesia, Hong Kong, the Philippines and Vietnam.

However, Mr Thursby noted that some retrenchments might be necessary in the back-office operations, as ANZ brings the newly-acquired business under its stable.

Currently, ANZ has about 600 staff in Singapore. ANZ is buying RBS’ retail and commercial units here.

On the Melbourne-based bank’s strategy, Mr Thursby said it hoped to attract the growing number of commercial customers in markets such as Indonesia and Thailand, as well as boost its product offerings.

“My sense is that there is an obvious need to get more transactional products back into the RBS franchise, and also in the areas of mortgages both offshore and onshore. So in the way that we operate, we have some very compelling products we are going to put a lot of prod into this over the next three years.”

ANZ is seeking to derive one-fifth of its revenue from Asia in three years.

Having been focused on the institutional business in Asia, ANZ is now looking to broaden its commercial and consumer banking offerings in the region “where it makes sense,” the bank’s group chief executive Michael Smith told Bloomberg.

And he’s not shying away from taking on other more entrenched players in Asia.

“I don’t want to take on HSBC or a Citigroup in Latin America or in the States or in Europe, but if it’s in our backyard, in this region, then yes, we’ll take them on,” Mr Smith, who previously ran HSBC’s Asian division, was quoted as saying. CHANNEL NEWSASIA

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