ANZ exits SME business in five Asian countries, cuts around 100 jobs

ANZ has exited the emerging SME business in five Asian countries, a bank spokesman has said.
ANZ has exited the emerging SME business in five Asian countries, a bank spokesman has said.PHOTO: EPA

SINGAPORE/SYDNEY (REUTERS) - Australia and New Zealand Banking Group has exited the emerging corporate (SME) business in five Asian countries and cut around 100 jobs, a bank spokesman said.

It exited from the unit that lends to smaller businesses in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan, the Melbourne-based spokesman told Reuters, after sources said ANZ was winding down its SME business in Asia.

Australia's major banks are scrambling to improve shareholder returns and profits amid slowing revenue growth and stricter regulatory capital rules.