(Adds ANZ comment, detail; changes dateline, reporting credits)
By Sethuraman N R
BENGALURU, March 17 Australia and New Zealand
Banking Group is scaling back its commodities market
exposure by quitting trading activity in base metals, coal and
iron ore and electricity, the bank confirmed on Friday, citing
higher regulatory and capital costs.
In a statement issued after Reuters reported the move, ANZ,
Australia's third-largest lender by assets, said 11 staff across
Melbourne, Sydney, Singapore, London and Shanghai will be leave
the bank as a result of exiting trading in those commodities.
The bank said it will maintain its focus on precious metals,
agriculture and energy. "These changes are in line with what is
happening at other banks globally with their commodities
businesses due to unfavourable regulatory and capital
requirements," ANZ said.
The changes come as ANZ chief Shayne Elliott - in charge
since the start of last year - presses ahead with a review of
operations. Last year it shut down lending to small and
mid-sized enterprises in five Asian countries, cutting around
Last month ANZ reported a 31 percent rise in first-quarter
cash profit driven in part by lower-than-expected bad debts.
(Reporting by Sethuraman NR in BENGALURU; Additional reporting
by Melanie Burton in MELBOURNE and Jamie Freed in SYDNEY;
Editing by Kenneth Maxwell)