ANZ divides city and bush customers
ANZ is to divide its general banking operations into separate metropolitan and regional banking divisions as part of divisional specialisation strategy outlined last year. ANZ says its decision is based on its belief that the needs of city and rural customers are different. Alison Watkins, new head of ANZ Regionalbanking, says the bank plans to gradually eliminate any cross-subsidisation of the bush-banking network. What this means for rural and regional banking customers is not yet clear. There is speculation that one of the motives for the creation of numerous divisions is to sell off less-profitable regional banking assets. ANZ has vigorously denied this.
‘ANZ denies split is sale prelude', The Australian Financial Review, 15/02/01, p 21.