ANZ aims to be number one farm lender

ANZ Bank has taken number two spot in agribusiness banking and says it has long term ambitions to overtake NAB and become the leading agribusiness bank in Australia.

ANZ yesterday announced that it has purchased the financial services business of AWB including the $2.4 billion loan book and $300 million in deposits.

Under the deal AWB will earn a commission for distributing ANZ financial products to its 100,000 Landmark customers.

ANZ group managing director commercial banking David Hisco said the bank’s Asian strategy would help it overtake NAB.

"Our customers are increasingly having direct dealings with Asia, which is the centre of world population growth and has changing dietary needs with greater protein requirements," Mr Hisco said.

"I want to run good, profitable businesses rather than be No 1, but hopefully, with our super-regional strategy and growth into Asia over the next five years, we can (be market leader)," he said.

Source: Herald Sun