November 5, 2017 / 10:45 PM / in a year

Australia's ANZ to close retail banking business in the Philippines

Nov 6 (Reuters) - Australia and New Zealand Banking Group Ltd (ANZ) said on Monday it would close its Philippine retail banking business as big Australian banks try to shed capital-intensive assets amid stiffer bank capital rules.

“This decision is in line with ANZ’s strategic priority to simplify the bank and improve capital efficiency,” the bank said in a statement, adding the move would allows it to focus its resources on its institutional banking operations in the Southeast Asian nation. (Reporting by Rushil Dutta in Bengaluru; Editing by Peter Cooney)

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