About
ANZ Bank was was established on 1 October 1951 and is also known as Australia and New Zealand Banking Group Limited. The Australian multinational banking and financial services company is headquartered in Melbourne, Australia. The Australian bank is the second largest bank in terms of assets and the third largest bank by market capitalisation of Australia.
It was established after the Bank of Australasia merged with the Union Bank of Australia Limited in 1951. It is one of the larges four Australian banks including National Australia Bank (NAB), Commonwealth Bank, and Westpac.
ANZ's large chunk of business comes from Australian operations only. Commercial and retails banking are its popular services.
ANZ is also the largest bank of New Zealand and is also known as ANZ Bank New Zealand Limited in 2012 in the country. Apart from Australia and New Zealand, the bank has a solid presence in other 34 countries.
Listing and Revenue
| Revenue | A$ 21 bn |
| Operating Income | A$ 7.4 bn |
| Net Income | |
| Total Assets | A$ 889.9 bn |
Products and Services
ANZ Bank offers products and services like Finance and insurance, private banking, consumer banking, corporate banking, investment management, global wealth management, investment banking, private equity, mortgages, credit cards, and others.
History
The Bank of Australasia was merged with Union Bank of Australia in 1951 to create the Australia and New Zealand Bank Limited (ANZ Bank). It established the first computer system in its brand new data processing centre in 1963 in Melbourne, Australia.
ANZ started operation in Honiara, Solomon Islands in 1966. In 1968, the bank started operations in New York, USA and in 1969, it opened a representative office in Tokyo, Japan.
In the 1990s, ANZ bank was on an acquisition spree. It acquired several banks including National Mutual Royal Bank Limited, Town and Country Building Society in Western Australia, Lloyd Bank's operations in Papua New Guinea and the Bank of New Zealand's operations in Fiji.
In 1993, ANZ opened its headquarters in Melbourne, Australia.
Acquisition
In 2002, ANZ came into a joint venture with ING Group for wealth management and life insurance business in New Zealand and Australia. In 2003, ANZ acquired the National Bank of New Zealand.
In 2005, ANZ established the ANZ Royal Bank in Cambodia and in 2006, ANZ inaugurated a new world headquarters in the Melbourne Docklands. It also invested in the Bank of Tianjin, China in the same year.
In 2007, the bank acquired E*Trade Australia and Citizen Securities Bank in Guam. In 2007, Mike Smith became the CEO of ANZ after the retirement of John McFarlane. In a landmark deal, ANZ bought the Royal Bank of Scotland's (RBS) operations in 6 Asian countries for $550 million. It also bought ING Group's 51% stake to have a controlling stake of 100% in ING Australia.
In April 2016, ANZ partnered with Apple Inc. to facilitate Apple Pay facility to its customers. In 2017, ANZ also bought REALas property price predictor start-up.
Awards and Recognition
ANZ Bank won the award of champion in the Mozo Experts Choice Awards Australia's Best Banking in 2019.
Subsidiaries
ANZ's operated its New Zealand arm through a subsidiary company, ANZ National Bank, from 2003 to 2012. Afterwards, it changed to ANZ Bank New Zealand by merging the ANZ and National Bank brands.