AUSTRALIAN – ASIA

ANZ set for growth as it turns corner in Asia

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Original article by James Eyers
The Australian Financial Review – Page: 17 & 20 : 5-Apr-19

The ANZ Bank has been progressively rebuilding its institutional banking business in Asia, which has been its key focus in the region since abandoning retail banking growth plans. ANZ now boasts about 6,500 institutional customers in Asia, compared with some 28,000 at its peak, while staff numbers in the region have been reduced from 8,000 to 6,000 and there was a 16 per cent reduction in costs during 2017-18.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, HSBC HOLDINGS PLC, STANDARD CHARTERED BANK PLC, CITIGROUP INCORPORATED, GREENWICH ASSOCIATES PTY LTD

IAG profit jumps 24pc, as insurer mulls Asian exit

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Original article by Michael Roddan
The Australian – Page: 21 : 15-Feb-18

Insurance Australia Group has posted a 2017-18 interim net profit of $A551m, which is 24 per cent higher than previously. The insurer has written down the value of its Asian assets by $A50m, and indicated that it could potentially exit the region. Meanwhile, CEO Peter Harmer says the company took action to remedy problems with its "add-on" car insurance business well before the financial services commission commenced, and opted to withdraw from this sector of the market.

CORPORATES
INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, SWANN INSURANCE (AUSTRALIA) PTY LTD, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, NRMA LIMITED, CGU INSURANCE AUSTRALIA LIMITED, BERKSHIRE HATHAWAY INCORPORATED

Unlockd raises $30.7m, eyes key Asian markets

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Original article by Paul Smith
The Australian Financial Review – Page: 24 : 25-May-17

Unlockd CEO Matt Berriman says the mobile telephone advertising technology company will use the proceeds of its latest round of fund raising to expand its presence in the Asia-Pacific region. Venture capital firm Alium Capital and Malaysian telco Axiata are among the contributors to Unlockd’s series B funding round, which has raised $US23m (A$30.7m). Berriman has also indicated that Unlockd’s mobile advertising platform will be launched in several new markets in coming months.

CORPORATES
UNLOCKD PTY LTD, ALIUM CAPITAL, AXIATA, CITIBANK PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, CATCH-OF-THE-DAY.COM.AU

US, Britain soak up cash

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Original article by David Uren
The Australian – Page: 28 : 27-Apr-17

Data shows that Australian foreign investment doubled in the 10 years to 2015, to $A534bn, and offshore investment now accounts for 32.4 per cent of GDP. The US tops the list of overseas investment destinations, at $A105bn, ahead of the UK ($A85bn). However, Andrew Parker of PwC notes that Asia accounts for only 10.9 per cent of Australia’s total foreign investment. A survey by PwC has found that Australia’s dividend imputation system is generally not regarded as a deterrent to investing in Asia.

CORPORATES
PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA, STANDARD AND POOR’S ASX 200 INDEX, ASSOCIATION OF SOUTH-EAST ASIAN NATIONS

Packer crowns year by folding his China cards

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Original article by John Stensholt, Jessica Gardner
The Australian Financial Review – Page: 1 & 10 : 16-Dec-16

Crown Resorts has flagged its intention to focus on its casinos business in Australia. The group has agreed to sell a 13.4 per cent stake in the Melco Crown Entertainment venture in Macau for $A1.6bn, while it will not proceed wth the Alon casino project in Las Vegas. Crown will use the proceeds from the sale of the Melco stake to reduce debt, pay a special dividend and finance a share buyback. The group still intends to establish a separate real estate investment trust for its property assets.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, MELCO CROWN ENTERTAINMENT LIMITED, ARNHEM INVESTMENT MANAGEMENT PTY LTD, ASPINALL’S CLUB LIMITED, DCN GAMES, MELCO INTERNATIONAL DEVELOPMENT LIMITED, CONSOLIDATED PRESS HOLDINGS LIMITED

ANZ’s Whelan will divest Asian bank stakes next

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Original article by Lisa Murray
The Australian Financial Review – Page: 13 & 17 : 2-Nov-16

The ANZ Bank will further scale back its presence in Asia after securing a deal to offload some of its retail banking and wealth management assets in the region. Mark Whelan, the head of institutional banking, says ANZ is making progress on selling some of its minority stakes in four Asian banks. He says these stakes are deemed to be non-core assets, but he stresses that ANZ is "reshaping" its Asian operations rather than withdrawing from the region. ANZ CEO Shayne Elliott has signalled that institutional banking will be the focus of its Asian operations.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, SHANGHAI RURAL COMMERCIAL BANK, BANK OF TIANJIN COMPANY LIMITED, PT BANK PAN INDONESIA TBK, AMMB HOLDINGS BHD, DBS BANK LIMITED

Penn sticks to $1.3b Asia growth plan

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Original article by David Ramli
The Australian Financial Review – Page: 1 & 10 : 15-Mar-16

Shares in Telstra closed 2.33 per cent higher at $A5.28 on 14 March 2016, after the telco advised that negotiations for a mobile network joint venture in the Philippines have been terminated. Telstra had been prepared to invest about $US1bn ($A1.3bn) in the venture with San Miguel, and CEO Andy Penn says the telco is still interested in making an investment of a similar size in Asia. However, institutional investors says Telstra should carefully consider risk factors in any future investments in the region.

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, SAN MIGUEL CORPORATION, AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED – ASX AFI, NIKKO ASSET MANAGEMENT GROUP, GLOBE TELECOM INCORPORATED, PHILIPPINE LONG DISTANCE TELEPHONE COMPANY, QATAR TELECOM

ANZ signals push into NSW home lending

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Original article by Jonathan Shapiro, James Eyers
The Australian Financial Review – Page: 1 & 11 : 12-Oct-15

Increasing its share of the home loan market in New South Wales will be a priority for the ANZ Bank under new CEO Shayne Elliott, who will succeed Mike Smith in early 2016. Elliott also says the growing shift to the use of mobile devices for banking represents both a challenge and an opportunity for the banking sector in terms of engaging with customers. Meanwhile, ANZ chairman David Gonski says the group will review its Asian strategy under Elliott.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, ST GEORGE BANK LIMITED, PT PANIN BANK, AMBANK BERHAD, BANK OF TIANJIN COMPANY LIMITED, SHANGHAI RURAL COMMERCIAL BANK, MACQUARIE GROUP LIMITED – ASX MQG, ESANDA FINANCE CORPORATION LIMITED

ANZ tipped to exit Asia banks

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Original article by James Eyers
The Australian Financial Review – Page: 21 : 3-Jul-15

The ANZ Bank currently has a lower common equity tier 1 capital ratio than its peers, although at 8.7 per cent it is comfortably above the minimum requirement. However, Andrew Triggs of Deutsche Bank expects ANZ to offload some of its stakes in Asian banks in order to lift its capital ratio. He estimates that selling stakes in three of these banks – as well as the Esanda business – could boost ANZ’s capital ratio to more than 10 per cent.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, DEUTSCHE BANK AG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ESANDA FINANCE CORPORATION LIMITED, PT PANIN BANK, AMBANK BERHAD, BANK OF TIANJIN COMPANY LIMITED, SHANGHAI RURAL COMMERCIAL BANK, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, CLYDESDALE BANK PLC, GREAT WESTERN BANK, UBS HOLDINGS PTY LTD, BLOOMBERG LP

Joyce still positive about Jetstar’s growth potential in Asia despite low returns

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Original article by Jamie Freed
The Australian Financial Review – Page: 27 : 9-Jun-15

Qantas CEO Alan Joyce has conceded that the Asian division of its Jetstar subsidiary will not return its cost of capital in 2014-15. However, he is upbeat about the outlook for the aviation market in Asia, arguing that the amount of capital Qantas is investing in the region is minor compared with the potential returns in the long-term. Qantas is tipped to post an underlying pre-tax profit of around $A1bn for 2014-15.

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, JETSTAR AIRLINES PTY LTD, JETSTAR JAPAN, JETSTAR HONG KONG AIRWAYS LIMITED, JETSTAR ASIA, JETSTAR PACIFIC, CHINA EASTERN AIRLINES CORPORATION LIMITED, SHUN TAK HOLDINGS LIMITED, INTERNATIONAL AIR TRANSPORT ASSOCIATION, HONG KONG INTERNATIONAL AIRPORT