ANZ Wealth improves performance

ANZ’s Global Wealth Division has improved business performance in the last quarter of 2013, which is mostly attributed to product cross-sell, according to the bank’s quarterly trading update. 

ANZ today reported an unaudited cash profit of $1.73 billion for the quarter, up 13 per cent on the same period last year. 

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. 

However, ANZ chief executive officer Mike Smith said the wealth arm continued to “improve business performance through productivity gains and increased sales of wealth solutions to bank customers”. 

The 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. 

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

“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.