Opportunities for Aussie financial expertise lie in Asia Pacific

Australian financial services companies should embrace a regional mindset and become players in the Asia Pacific, according to life insurance veteran, Rob Macpherson.

Macpherson said the self-imposed absence and withdrawal by Australia’s leading financial institutions were lost opportunities with long-term ramifications.

He said instead of expanding overseas, the Australian industry “devoured itself”, leaving only the big four banks and AMP to remain.

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“Not only did we lose long established groups like Colonial, Norwich, Scottish Amicable, Legal & General, T & G, Prudential, National Mutual, etc. – but in the consolidation process the ventures and operating licenses in Asia were jettisoned,” he said.

Looking to the future, Macpherson said there was still a place for Australian financial services expertise and know how in the Asia Pacific, particularly in “rising star” nations like Cambodia, Lao, Myanmar and Vietnam.

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