ANZ Global Wealth improves result

ANZ’s Global Wealth division has improved business performance in the last three months to 31 December 2013, as the bank announces an unaudited cash profit of $1.73 billion for the quarter. 

That is a 13 per cent jump on the same period last year, with ANZ chief executive officer Mike Smith saying the trading conditions were largely consistent with the second half of 2013 financial year. 

Smith attributed ANZ’s overall growth to its “distinctive strategy” based on growth in domestic franchises, growth in Asia, as well as strong operational and productivity disciplines.  

“The Global Wealth division continued to improve business performance through productivity gains and increased sales of wealth solutions to bank customers,” he added. 

This time last year the group’s global wealth and private banking division pinned its hopes on the launch of the Smart Choice Super product in November 2012, but challenging business conditions resulted in a subdued result for the division.  

This year’s improved performance could also be attributed to some of the changes ANZ made to the structure of its wealth arm in the last year.  

Managing director of advice and distribution Paul Barrett departed in September and was replaced by Neil Younger, whose role also includes open market channels.  

Younger’s appointment came days after the bank announced significant investment into the promotion of Global Wealth, also appointing Kerri Thompson to head up banassurance and customer experience for the division.  

“The Australia division again grew market share in both retail and corporate and commercial during the quarter while making further investments through the Banking on Australia program to improve our customers’ experience,” Smith said.