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Case study 2: ANZ

Published January 2011

ANZ is one of the largest companies in Australia and New Zealand and a major international banking and financial services group that is among the top 50 banks in the world.

ANZ New Zealand is New Zealand’s largest financial services group and is a subsidiary of Australia and New Zealand Banking Group Limited of Australia. ANZ Bank, which operates in New Zealand under its legal New Zealand name of ANZ National Bank Limited, was formed as part of the 2003 merger of ANZ Bank NZ and The National Bank of New Zealand.

Within ANZ New Zealand there are a number of brands, namely:

  • ANZ Bank
  • The National Bank
  • UDC Finance (leasing)
  • EFTPOS New Zealand
  • Bonus Bonds
  • OnePath (investment and superannuation)
  • Direct Broking (stock market).

The bank and its subsidiaries provide a full range of financial services, including banking products, asset finance, investments, and payment solutions.

History

ANZ's history stretches back over 170 years and involves the merging of many banks to form the ANZ Banking Group. The bank's origins are in London in 1835, when the Bank of Australasia was established under Royal Charter. In 1837 the Union Bank of Australia was established and this was then followed in 1852 by the establishment of the English, Scottish and Australian Bank.

In 1951 the Bank of Australasia merged with the Union Bank of Australia and the ANZ Bank was formed. This was followed in 1970 by what was then the largest merger in Australian banking history, when ANZ Bank merged with the English, Scottish and Australian Bank Limited to form the present organisation, Australia and New Zealand Banking Group Limited.

ANZ is now the largest bank in New Zealand through both of its brands, ANZ Bank and The National Bank (the latter purchased by ANZ in 2003).

ANZ branch in airport terminal.

Similarly it is one of the 'four major' banks in Australia. It has been in both countries for more than 150 years. The bank is also one of the largest in the Pacific Islands.

More recent changes have seen the bank expanding into new markets, particularly focused on countries within the Asia Pacific rim.

ANZ and The National Bank are fully owned subsidiaries of Australia and New Zealand Banking Group Limited, which has its headquarters in Melbourne, Australia. ANZ Bank has been in New Zealand for 170 years while NBNZ has been in New Zealand for 140 years. Prior to 2004, NBNZ was owned by Lloyds Bank UK (100%). However, from 2004 it has been owned by ANZ.

Both banks have a single NZ head office, with the CEO of ANZ in New Zealand being responsible for both banks. Within New Zealand the bank (under its two brands) operates quite independently of its Australian parent, and deals separately with both its ANZ Asian network and Asian customers.

The bank actively supports and encourages New Zealand companies looking to do business in Asia and has taken many of its New Zealand customers to Asia so they can gain a greater insight into how business is done in the region, and how New Zealand companies can better identify opportunities available to them.

Read more about ANZ's journey:

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