ANZ CEO optimistic about economic development in Asia

The CEO of Australia-New Zealand (ANZ) Bank, Mike Smith, said here on Thursday his bank's expansion to Asia is a reflection of the bank's optimism about the economic development in Asia.

In a statement to the local business leaders, Smith said ANZ, one of the four major banks in Australia, was one of the few banks in the world to have come out of the financial crisis stronger than before, and was well positioned to take advantage of opportunities to grow in the region.

"ANZ's super regional strategy is a reflection of our optimism about our region -- Asia -- because I believe this century is going to be Asia's century," Smith told a business luncheon.

Growth in trade and capital flows between Asia and Australia was tracking at over 20 percent per annum and there was also about 60 billion AU dollars (54 billion U.S. dollars) in direct foreign investment into Australian from the Asian region, he said.

Smith said Australia's linkage to Asia was part of the reason it experienced a shorter downturn.

"This linkage between Australia and Asia is actually one of the reasons I left Hong Kong two and a half years ago (to become ANZ chief executive). I saw a unique opportunity at ANZ to build on its history in Asia and create what I call a super regional bank focused on Australia, New Zealand and Asia Pacific," he added.

Source: Xinhua