Australia and New Zealand Banking Group

Australia and New Zealand Banking Group Limited
Traded as ASX: ANZ
Industry Banking, Financial services
Founded 2 March 1835 (1835-03-02)
Headquarters 833 Collins Street
Docklands, Melbourne, Australia
Key people
Shayne Elliott (CEO)
David Gonski (Chairman)
Revenue Increase A$ 21.071 billion (2015)[1]
Profit Increase A$ 07.493 billion (2015)[1]
Total assets Increase A$ 889.9 billion (2015)[1]
Number of employees
50,152 (2015)[1]

The Australia and New Zealand Banking Group Limited, commonly called ANZ, is the fourth largest bank by market capitalisation in Australia, after the Commonwealth Bank, Westpac Banking Corporation and National Australia Bank.[2] Australian operations make up the largest part of ANZ's business, with commercial and retail banking dominating. ANZ is also the largest bank in New Zealand, where the legal entity became known as ANZ National Bank Limited in 2003 and changed to ANZ Bank New Zealand Limited in 2012. From 2003 to 2012 it operated two brands in New Zealand, ANZ and the National Bank of New Zealand. The National Bank brand was retired in 2012, with a number of branches closing and others converting to ANZ branches.[3]

In addition to operations throughout Australia and New Zealand, ANZ also operates in thirty other nations.[4]

ANZ was named the most sustainable bank globally in the 2008 Dow Jones Sustainability Index making it the 2nd year in a row ANZ has been granted the title. In 2007 the title was shared with another Australian bank, Westpac, which had held the title for the previous five years.[5]

ANZ was established on 1 October 1951, when the Bank of Australia merged with the Union Bank of Australia Limited.[6]


19th century





ANZ World Headquarters. Designed by Peddle Thorp Architects, the building is affectionately known as Gothic Tower due to its architecture. Queen Street, Melbourne.

21st century

Organisational structure

View of ANZ head office in Docklands, Melbourne


ANZ is one of the leading Australian banks in the Asia-Pacific region. It has been aggressive in its expansion into the emerging markets of China, Vietnam and Indonesia. ANZ is also a leading bank in New Zealand as well as several Pacific Island Nation where it competes in many markets with fellow Australian bank Westpac. ANZ's arm in New Zealand is operated through a subsidiary company, ANZ National Bank, from 2003 to 2012, when it changed to ANZ Bank New Zealand upon merging the ANZ and National Bank brands.

In March 2005, it formed a strategic alliance with Vietnam's Sacombank involving an acquisition of 10% of Sacombank’s share capital. As part of the strategic alliance, ANZ will provide technical assistance in the areas of risk management and retail and small business banking.

ANZ has followed a similar strategy in China, where it acquired a 20% share in Tianjin City Commercial Bank in July 2006. It also negotiated a similar deal with Shanghai Rural Commercial Bank.

In August 2009, ANZ purchased RBS's retail units in Taiwan, Singapore, Indonesia and Hong Kong, as well as RBS'si banking businesses in Taiwan, the Philippines and Vietnam. It was purchased for the price of A$687 million.

As of September 2012, the company had a total of 1,337 branches worldwide.[25]

In 2016, ANZ adopted less aggressive approach to expansion in the Asia-Pacific region after low returns.[26][27][28] At the end of October 2016 ANZ announced the sale of its Asian retail and wealth management operations to the Development Bank of Singapore; ANZ also signalled a withdrwal from its "Asian pivot".[29]

Offshoring of jobs

ANZ have been progressively increasing work output from offshore offices. ANZ's Bangalore office has been operational since 1989, making it one of the first organisations to employ IT staff based in India. ANZ employs around 4,800 staff in Bangalore, India.[30] 1500 IT positions, 2000 positions in Payments and Institutional Operations and International and High Value Services and 1300 positions in Operations Personal Banking have been shifted from Melbourne to India. In 2006, ANZ predicted that by 2010, over 2000 jobs would have been shifted from Australia to Bangalore.[31] In 2012 ANZ has transferred 360 permanent staffs from Melbourne and Bangalore to Capgemini. All these staff worked in the Technology Testing and Environment Space. As ANZ CIO Anne announced earlier that ANZ want a Hybrid model of technology in order to achieve the 2017 Technology roadmap.


In 2010 ANZ spent $195m in Australia on advertising.[32] According to a 2014 top 20 list of advertising spends, ANZ was in the top 20.[33] In 2016 New Zealand ANZ had the highest spend of any bank.[32] One third of ANZ's spend on media is said to be digital.[34]

In 2005 an advertisement included two famous robots: Lost in Space robot, and a Dalek from Doctor Who, although the Dalek was replaced in subsequent versions of the ad.

In 2006 the company started a TV campaign with a series of ads featuring their new mascot - the Falcon, a bird trained to stop credit card thieves, illustrating the company's measures in prevention of credit card fraud.

ANZ's head office was inaugurated in 2009

In 2010, ANZ ran an ad campaign parodying common banking scenarios with a fictional character known as 'Barbara who lives in Bank World', a middle-aged, rude, sarcastic and unhelpful bank manager. The adverts have received acclaim for wit and humour, but also criticism for stereotyping bank managers. Barbara is portrayed by Australian comedian Genevieve Morris.[35]

In 2011, a series of ads were fronted by Simon Baker, the star of the American television show The Mentalist.

In 2015 ANZ held a campaign in sync with the Sydney Gay and Lesbian Mardi Gras.[36]

New headquarters

In September 2006, plans were unveiled for ANZ's new world headquarters to be located in Melbourne's Docklands precinct. The complex features a vast low rise office building, shops, car and bicycle parking facilities. The new complex will enable 6,500 ANZ staff to work in one integrated area, however the company will maintain its flagship building, 100 Queen Street Melbourne. The new headquarters is the largest office complex in Australia at 84,500 m² NLA, 130,000 sqm GFA and an accredited 6 Green Star Building. Construction commenced in late 2006 and the building opened in late 2009. The building is located at 833 Collins Street. It has been designed by HASSELL & Lend Lease Design - fronting the Yarra River.

In 2006, it was expected to cost A$478 million to build,[37] but ended up costing $750 million by the time it was complete in 2009.[38]

The building was one of the winners at the 2010 World Architecture Festival in the category "Interiors and Fit Out of the Year".[39]

The ANZ announced in 2016 that it would be selling its old Melbourne headquarters.[40] The old bank building, fronting Collins Street, in Melbourne, was purpose built as the head office of the English, Scottish & Australian Bank (an ANZ predecessor) from 1883-87.[40]


Manipulation of benchmark interest rates and other key metrics

In 2016 ANZ and 10 of its traders were named as being the subject of legal proceedings for manipulation of the benchmark inter-bank interest rates in Australia; specifically ASIC has made claims of unconscionable conduct and manipulation against ANZ.[41][42][43] ANZ has attempted to deny the claims and says it will defend the claim in court.[44] Formal filings of the originating process in this regards were made against ANZ on 4 March 2016.[45] Since that time ASIC has compounded their claim against the ANZ.[46] In a separate court appearance in November 2016 ANZ admitted to 10 instances of attempted cartel conduct regarding alleged manipulation of the Malaysian ringgit.[47]

Agriculture and child labour

ANZ has been the subject of claims that it has backed agriculture and timber companies that engage in so called 'land grabs'.[48][49] In 2014 ANZ faced allegations that it funded a Cambodian sugar plantation that has involved child labour, military-backed land grabs, forced evictions and food shortages.[50][51]

Litigious approach

The ANZ has also be criticised in the Senate for its allegedly "hard boiled" approach to farmers exposed to the fallout from ANZ's purchase of the Landmark loan book.[52][53] One submission to the Senate inquiry into bank conduct mentioned one farmer self-immolating himself after alleged defaults occurring.[54] Another former customer in the Senate inquiry was mentioned as being subjected to victimisation by receivers and police, including use of SWAT teams and being held at gun-point.[54] In 2016 it was reported that ANZ was accused of racism in a high-profile court case involving the businessman Pankaj Oswal and his wife;[55] specifically it was reported that an email contained comments stating that, "“We are dealing with Indians with no moral compass and an Indian woman [the wife of Mr. Oswal], as every bit as devious as PO (Pankaj Oswal),” and “This has been a very Indian characteristic transaction."[55][56] The ANZ agreed to a settlement for an undisclosed amount in respect of the legal claim made by the Oswals.[57]


ANZ CEO Shayne Elliot admitted in 2016 that "culture" will be one of the biggest challenges for ANZ.[58] Media reports have included allegations of sexism, drug use and bravado culture.[59] In 2016 ANZ was pursued in court over its suggesting on social media that criticism of the bank’s chief financial officer might have been sexist, which resulted in the broker at Bell Potter losing his job.[60][61] Former ANZ director John Dahlsen in 2016 admitted that there are issues with bank culture and competition.[62] In November 2016 there were further claims of sexist conduct and a separate lawsuit was filed against ANZ in the United States regarding staff at its New York office.[63][64]

Malaysian scandal

In early 2016, ANZ was also mentioned in a scandal in Malaysia involving one of ANZ's subsidiaries and the Malaysian leader.[65] The incident has raised questions for ANZ.[66] ANZ admitted in November 2016 that it had little ability to control its affiliate.[67]

Misleading file notes presented to Victorian Supreme Court

In 2016 there was an incident reported involving the Financial Ombudsman Service (Australia), where the Financial Ombudsman Service presented misleading file notes to the Supreme Court of Victoria, in the discovery phase of a case involving ANZ, to the benefit of ANZ's case.[68][69][70] The ANZ has not commented on the scandal as yet.

Out-sourcing of jobs

ANZ has continued to out-source jobs in countries other than Australia and this has caused some controversy with some outlets.[71]

Anti-competitive conduct

Despite the ANZ taking advantage of block-chain technology[72] the ANZ had blocked businesses making use of bitcoin. The ANZ was investigated by the Australian Competition and Consumer Commission and was cleared of colluding with other banks on the issue of bitcoin based business.[73] A number of prominent Senators have called the investigation into question and continue to criticise the conduct of ANZ and other large banks on this matter.

Panama Papers

The ANZ was reported as appearing in 7548 of the Mossack documents in the Panama Papers, reflecting the bank's extensive work in New Zealand, the Cook Islands, Samoa and Jersey.[74]


See also


  1. 1 2 3 4 "Annual Report 2015" (PDF). ANZ. 3 November 2015. Retrieved 14 February 2016.
  2. "ASX 200 List / Market Capitalisation Accurate on: 29 October 2015". ASX 200. Australian Securities Exchange. 21 September 2015. Retrieved 29 October 2015.
  3. 1 2 ANZ still finalising National Bank closures. 3 News NZ. 10 October 2013.
  4. "About ANZ". Australia and New Zealand Banking Group. Retrieved 17 November 2011.
  5. "Archived copy". Archived from the original on 12 January 2012. Retrieved 2008-12-15.
  6. "Faith in The Future.". South Coast Times and Wollongong Argus (NSW : 1900 - 1954). NSW: National Library of Australia. 8 February 1954. p. 23 Supplement: ROYAL VISIT SUPPLEMENT. Retrieved 12 July 2014.
  7. "BORN HERE.". Examiner (Launceston, Tas. : 1900 - 1954). Launceston, Tas.: National Library of Australia. 13 July 1935. p. 8 Edition: DAILY. Retrieved 12 July 2014.
  8. "PROSPECTUS OF THE UNION BANK OF AUSTRALIA, ABOUT TO BE ESTABLISHED IN LONDON.". The Sydney Monitor. 1838-01-01. p. 2. Retrieved 2016-02-14.
  9. "THE NEW BANK.". The True Colonist Van Diemen's Land Political Despatch, and Agricultural and Commercial... 1837-12-15. p. 6. Retrieved 2016-02-14.
  10. "October first 1951 : Australia and New Zealand Bank Limited in which are merged the Bank of Australasia and the Union Bank of Australia Limited. - Version details - Trove". Retrieved 2016-02-14.
  11. "October 1 as merger date of ANZ and ES'A". The Canberra Times. 1970-09-11. p. 16. Retrieved 2016-02-14.
  12. "Shareholders approve takeover of Grindlays". The Canberra Times. 1984-08-03. p. 14. Retrieved 2016-02-14.
  13. "ANZ goes international". The Canberra Times. 1985-06-20. p. 20. Retrieved 2016-02-14.
  14. "Business and investment ANZ picks up NZ bank for $494m". The Canberra Times. 1988-12-22. p. 13. Retrieved 2016-02-14.
  15. "FRB: Press Release - Approval of application of Australia & New Zealand Banking Group". Federal Reserve Board. 7 August 2000. Retrieved 17 November 2011.
  16. "Archived copy" (PDF). Archived from the original (PDF) on 28 September 2007. Retrieved 2007-08-30.
  17. "ANZ Chairman announces successor to CEO". Australia and New Zealand Banking Group. Archived from the original on 28 September 2011. Retrieved 17 November 2011.
  18. "ANZ acquires RBS' Hong Kong businesses". 22 March 2010. Archived from the original on 5 June 2011. Retrieved 17 November 2011.
  19. "ANZ acquires RBS in Singapore". International Business Times. 17 May 2010. Archived from the original on 3 October 2011. Retrieved 17 November 2011.
  20. "ANZ completes RBS purchases in Indonesia". Financial Review. 14 June 2010. Retrieved 17 November 2011.
  21. ANZ opens in Christchurch rebuild zone. 3 News NZ. 10 October 2013.
  22. "ANZ Management Board | ANZ Shareholder Centre". Retrieved 2016-01-21.
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  25. "Company Profile for Australia and New Zealand Banking Group Ltd".
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  29. "ANZ sells Asian retail and wealth operations to DBS".
  30. "ANZ - KEEP OUR JOBS HERE! - Finance Sector Union". Finance Sector Union. 28 November 2006. Archived from the original on 27 September 2011. Retrieved 17 November 2011.
  31. Financial Services Union of Australia, 2006. Bank Check, Spotlight on the ANZ Bank Archived 17 November 2007 at the Wayback Machine., retrieved 8 December 2009.
  32. 1 2 "ANZ leads bank advertising spending lower as only three banks spend more on ads in 2015 than in 2014". Retrieved 2016-02-13.
  33. "Ad spending tipped to remain steady". The Sydney Morning Herald. Retrieved 2016-02-15.
  34. "The four pillars of marketing: How ANZ Bank goes big in digital". Econsultancy. Retrieved 2016-02-13.
  35. "ANZ 'Barbara lives in Bank World' campaign launches this weekend via M&C Saatchi". Campaign Brief. 19 January 2010. Retrieved 17 November 2011.
  36. "ANZ creates 'Only GAYTM in the Village' as it rekindles Sydney Mardi Gras sponsorship - mUmBRELLA". mUmBRELLA. Retrieved 2016-02-13.
  37. Draper, Michelle (17 July 2007). "Lend Lease tipped for $100m Myer Docklands HQ". Brisbane Times. Retrieved 17 November 2011.
  38. Engelen, John (8 March 2010). "ANZ Centre – Corporate HQ Docklands, Melbourne". Dedece Blog. Retrieved 17 November 2011.
  39. World Architecture Festival: ANZ Centre, retrieved 18 November 2010
  40. 1 2 "ANZ to Sell its Old Melbourne Headquarters".
  41. "ASIC ready to launch rate-rigging case against ANZ". Financial Review. Retrieved 2016-02-13.
  42. Commission, c=au;o=Australian Government;ou=Australian Government Australian Securities and Investments. "15-060MR ASIC commences civil penalty proceedings against ANZ for BBSW conduct". Retrieved 2016-03-04.
  43. "anz traders joked about rigging headline interest rate".
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  46. "ASIC Lobs New Rate Rigging Salvo at ANZ".
  47. "Bank rate rigging spreads as ANZ, Macquarie hauled into court over Malaysian ringgit cartel".
  48. "Australian Banks and Land Grabs | Oxfam Australia". Oxfam Australia. Retrieved 2016-02-15.
  49. "ResourceSpace". Retrieved 2016-02-15.
  50. "ANZ ethics under scrutiny over Cambodian sugar plantation loan". The Sydney Morning Herald. Retrieved 2016-02-15.
  51. "ANZ faces accusations it financed business that forced villagers from land". Retrieved 2016-02-15.
  52. Gluyas, Richard (16 February 2016). "The Australian". Barrister Peter King calls for royal commission into provision of finance. Retrieved 16 February 2016.
  53. "Calls for Royal Commission into bank treatment of farmers". The Sydney Morning Herald. Retrieved 2016-02-16.
  54. 1 2 "Parliamentary inquiry hears claims that farmers felt 'victimised' in loans affair". ABC Rural. Retrieved 2016-02-16.
  55. 1 2 "Claims of Racism Surface in Oswals 15B ANZ Legal Battle".
  56. "ANZ Accused of Racial Bigotry Towards Indian Billionaires".
  57. "ANZ Settles High-profile Legal Dispute with Oswals".
  58. "ANZ boss Shayne Elliott draws up plan to fix toxic culture". Financial Review. 2016-01-18. Retrieved 2016-06-21.
  59. "ANZ women surely had little choice but to play along". The Sydney Morning Herald. Retrieved 2016-06-21.
  60. "ANZ set to apologise to broker Angus Aitken over sexism claims".
  61. "Bell Potter ANZ and Etrade Sale the Aitken Tale Gets Curiouser".
  62. "Ex-ANZ director John Dahlsen says bank culture, competition still need repair".
  63. "Sex Clubs, Racial Insults Inside ANZ's New York Office".
  64. "ANZ Hit with Sexually Aggressive Claims Against Managers".
  65. "ANZ grilled over Malay corruption scandal". The Sydney Morning Herald. Retrieved 2016-04-04.
  66. Media, WorkDay. "Malaysian corruption scandal deepens, raises more questions for ANZ". Retrieved 2016-06-04.
  67. "ANZ Bank admits inability to control its Malaysian affiliate".
  68. "Calls for Financial Ombudsman Service to be disbanded over credibility issues". ABC News. Retrieved 2016-03-17.
  69. "The questions the Financial Ombudsman needs to answer". ABC News. Retrieved 2016-04-02.
  70. Media, WorkDay. "Australian Banking and Finance News from Banking Day". Retrieved 2016-04-07.
  71. "ANZ Bank Slashes Hundreds of Jobs".
  72. "ANZ Bank Joins Tech Giants Creating Blockchain Hyperledger".
  73. "ACCC Clears Banks".
  74. "The Panama Papers: ANZ was the leading Australian bank in Mossack's universe".
  75. New Zealand Armorist, 76, 2000, p. 19

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