Australia and New Zealand Banking
This is an international bank, based in Australia and the largest in New Zealand. It ranks third place in largest Australian banks. Besides Australia and New Zealand, it is also recognized in numerous Asian countries for its role in general finance and banking, mortgages, leasing, and life insurance, among other financial endeavors. ANZ banking is, however, known worldwide because of global transactions and investment banking, stock broking, advisory, custodian and trustee services as well as portfolio management.
The history of Australia and New Zealand banking dates’ way back before these two banks merged and became one major conglomerate. ANZ banking group started out as The Bank of Australasia in London in early 19th century. The English, Scottish and Australian bank came to be in 1852. In 1951, there was an amalgamation with The Bank of Australasia and the Union Bank of Australasia which initially formed ANZ Bank. Almost twenty years down the line, ANZ Bank had opened offices in the USA and Tokyo, Japan. In 1970, ANZ merged with The English, Scottish and Australian Bank to form what is now the ANZ Banking Group Limited. This has been recorded as one of the biggest mergers to occur in history.
Over the years, Australia and New Zealand banking continued to expand and open offices one after the other in different countries worldwide. It has a lot of presence in the Asia Pacific areas. Expansion of ANZ banking comprised of not only presence in other countries through opening its branches but also acquiring banks and banking in those countries. This banking corporation not only offers financial services within a bank but has over fifty different business services it offers its customers globally. These services are accessible in the forty countries that ANZ is present. There are over 2,000 open offices that clients can visit to carry out their transactions.
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Melbourne is the city that plays home to ANZ banking. Even though it is recognized for its global outstanding financial capabilities, ANZ acquires over 75% of its profits from transactions that take place within New Zealand and Australia. The banking group might need to continue amalgamating, purchasing more businesses and banking more internationally to remain in the competitive market. There is no telling how tough this will be with the ongoing economic strive. To add on to this, the year did not start off on a high note for ANZ banking who have cut part of their staff to reduce redundancy. The job cuts commenced on the 16th of January 2012 with 130 people being let go. The job cuts are bound to occur for the next six months which will see hundreds if not thousands lose their source of income and banking careers.
Australia and New Zealand banking group has been named the most sustainable bank globally twice by Dow Jones Sustainability Index. This occurred in 2007 and 2008. ANZ banking continues to push the boundaries of finance, business dynamics and banking, challenging other banking corporations worldwide. The services they offer care many to a clientele base that is globally extensive. It has also created numerous job opportunities for myriad people internationally.
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