February 8, 2018 / 2:59 AM / in a year

ANZ to quit Laos’ retail products and services business

Feb 8 (Reuters) - Australia and New Zealand Banking Group said on Thursday that it would close its Laos’ retail products and services to shift attention to its institutional banking business in the country.

Australia’s third-largest lender by market cap said the move was in line with its plan to simplify business and improve capital efficiency as part of its Asia strategy.

ANZ had sold its wealth and retail businesses in five Asian markets to DBS Group Holdings in 2016, and has since also quit its retail banking business in the Philippines and Vietnam. (Reporting by Aditya Soni in Bengaluru; Editing by Himani Sarkar)

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