6 Feb 2008

ANZ Banking Group plans to create a super regional bank

11:39 am on 6 February 2008

The ANZ Banking Group plans to create a "super regional bank" within the next five years, that will require significant investment in countries throughout the Pacific region.

ANZ's newly appointed chief executive officer Mike Smith made the announcement at the opening of the new ANZ branch at Jackson's Airport in Port Moresby.

He stressed that next year, ANZ intends to expand its distribution reach including opening a commercial banking centre and additional branches in Port Moresby and new offices throughout the country.

The next phase would be the introduction of a new internet banking system over the next few years.

Mr Smith, who is usually based in Australia, said technology would play an important part in ANZ's future growth in PNG.

The National newspaper reports Mr Smith is visiting ANZ bank branches in Papua New Guinea, Solomon Islands and Vanuatu.