ANZ has hired Credit Suisse to advise it on a potential US$2 billion bid for Royal Bank of Scotland's Asian assets, Reuters and others reported. The assets include an Indian retail banking network. ANZ used to own operations in India through Grindlays but sold it to Standard Chartered 9 years ago. ANZ CEO Mike Smith, a former HSBC executive, has laid out a strategy of expanding in Asia. An opinion here: How long is it before institutional investors in Australia and Australian bank authorities get grumpy about this Asian expansion? Shouldn't ANZ be preserving its precious capital in Australia? * This article was first published earlier in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.
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