ANZ abandons Asian Internet project

The ANZ bank has cast off a $200 million Asian online banking venture with Oversea-Chinese Banking Corporation (OCBC). Escalating costs, difficulty in obtaining banking licences and a weakening economic environment are reasons for ANZ's departure. ANZ is expected to lose $20 million in the venture codenamed Project Dot.

‘ANZ dumps internet venture, The Australian Financial Review, 06/03/01, p 42.