Best Banks Awards: ANZ
ANZ has been voted the winner of the Best Bank for Australian Dollar category at the 2018 FX Week Best Banks Awards
The global banking sector has undergone a major adjustment in strategy, following the financial crisis of 2008, and Australian banks are no exception. ANZ Bank’s current journey started in 2016, when Shane Elliott was appointed its chief executive officer.
“You would have seen, since 2016, some divestiture of retail businesses through Asia, as we turned back our attention to becoming a fundamentally institutional bank that provides a link between Australia and New Zealand, and large corporate clients in the Asia region,” says Shayne Collins, managing director of markets at ANZ.
ANZ has been voted the winner of the Best Bank for Australian Dollar category at the 2018 FX Week Best Banks Awards, thanks to its renewed focus on core corporate clients, where the dealer aims to grow organically and deepen relationships.
Deeper relationships mean clients in the markets business are also potentially suitable for the bank’s institutional division, which provides cash management, trade, and transaction banking and loan products, among other services.
“Our strategy doesn’t stop us from growing in Asia, but, generally, we focus on clients that have some sort of tie with Australia and New Zealand,” says Collins.
ANZ’s markets business services financial institutions, banks, insurance companies, real-money clients and banks, as well as large corporate clients.
We’ve exited the retail segment through most of Asia and instead concentrated on the institutional customer base, which has been quite successful
Shayne Collins, ANZ
“Leveraging that connection with our home markets allows us to ultimately grow our business and be more relevant to our customers, rather than trying to be all things to all people, including commercial clients and retail,” says Collins.
“We’ve exited the retail segment through most of Asia and instead concentrated on the institutional customer base, which has been quite successful over the last few years,” he adds.
Asian presence
The bank’s key FX competencies are the Australian and New Zealand dollars, but it has also been building out its capabilities in the Chinese renminbi, both on- and offshore, and across time zones. The expansion of the renminbi business comes as a natural progression for the dealer, which has a local presence in the Asian powerhouse.
“We have [a] presence in deliverable and non-deliverable currencies across the majority of Asian countries, including China. The crosses we provide prices in are obviously mostly in the Aussie dollar, but a lot of trade is denominated in the US dollar, and increasingly the renminbi,” Collins adds.
ANZ is also active in the cross-currency swaps markets across Asian crosses, experiencing a lot of demand for hedging products from clients trading both deliverable and non-deliverable products, as a result of its presence in 34 countries in the region.
“We are going to keep focusing on getting better and better in our core competencies, and on running the markets business in line with the wider divisional strategy,” says Collins.
“We are not going to fall into the trap of trying to do everything for all clients, but instead we want to identify those clients with a similar footprint to ours and partner with them for deep, multi-product relationships,” he adds.
Interviews with the 2018 FX Week Best Banks Awards winners
Best Bank Overall for Foreign Exchange Dealing
Best Bank for FX for Banks
Best Bank for FX for Investors
Best Bank for Spot FX
Best Bank for FX Forwards
Best Bank for EUR/USD
Best Bank for USD/JPY
Best Bank for EUR/JPY
Best Bank for E-Trading
Best Bank for FX for Corporates
Best Bank for Currency Options
Best Bank for Structured Products
Best Bank for FX Prime Brokerage
Best Bank for FX in North America
Best Bank for Emerging European, Middle Eastern and African Currencies
Best Bank for FX Research and Strategy
Best Bank for FX in Asia-Pacific
Best Bank for Renminbi
Best Bank for Emerging Asian Currencies
Best Bank for FX in the Eurozone
Best Bank for Australian Dollar
Best Bank for GBP/USD
Best Bank for EUR/GBP
Best Bank for FX in London
Best Bank for Swiss Franc
Best Bank for FX Post-Trade Services
Best Professional e-Trading Venue
Best Vendor for Dealing Technology
Best Broker for Forward FX
Best Broker for Emerging Markets FX
Best FX Clearing House
Best Broker for Spot FX
Best Market Data Provider for FX
Best Bank for Scandinavian Currencies
Best Bank for South African Rand
Best Bank for African Currencies excluding ZAR
Best Bank for Canadian Dollar
Best Bank for Emerging Latin American Currencies
Best Vendor for Risk Management/Options Pricing Software
Best Prime-of-Prime House
BGC (no interview)
Best Broker for Currency Options
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