ANZ will organise around its three geographies – Australia, New Zealand and Asia Pacific – and its global Institutional client business. Each geography will focus on two customer segments – Retail and Commercial - which will be coordinated globally.
The new business model responds to the changing landscape for financial services and ANZ’s super regional strategy by shifting ANZ away from a collection of standalone product and customer businesses to simpler, larger business structures that are aligned with the geography and customers they serve.
ANZ Chief Executive Officer Mr Mike Smith said: “We have a clear strategy to create a super regional bank. This business model creates the right structure to deliver on that strategy, to intensify customer focus and to drive our performance.
“Our new structure simplifies ANZ by organising ourselves around our customers and reducing the management layers between me and the staff who serve our customers from up to twelve to around seven.
“This lowers risk by reducing bureaucracy and complexity. It creates greater transparency and accountability within the Group to improve performance for our shareholders and customers. It also establishes a scalable structure that will support ANZ’s future growth and expansion.”
ANZ will progressively consolidate support functions including technology and operations within Divisions and within the bank’s shared services function to increase scale and efficiency.
The following appointments have been made to the ANZ Management Board to lead its business in the Group’s three geographies and its global Institutional Banking segment.
- Brian Hartzer, Chief Executive Officer Australia.
- Graham Hodges, Chief Executive Officer New Zealand.
- Alex Thursby, Chief Executive Officer Asia Pacific.
- Institutional will be led by Mr Thursby who will be acting in the role until a permanent appointment is made to the role of Group Managing Director Institutional.
In addition, global accountabilities have been established for ANZ’s two key customer segments – Retail and Commercial. This will provide a ‘One ANZ’ approach to strategy development, technology and operations infrastructure, and to sharing best practice across geographies.