Foreign Takeover of Aussie Banks

Christopher Joye

In The AFR I review ANZ's decision to belatedly pull-back from Asia (I've been calling for this since 2009); offer hard-hitting new CEO Shayne Elliott gratis advice to ape Macquarie's decision-making and remuneration models; highlight---tongue-in-cheek---the fact that contrary to the popular myth of Aussie banking exceptionalism, 7 of the last 8 major bank CEOs were foreigners; and speculate that perhaps financial markets are getting an overdue bout of China fatigue (Aussie and global equities were smashed 6% to 8% in January on the back of the ~25% draw-down in the Shanghai Composite Index and the plummeting oil price). Read for free here via Twitter (VIEW LINK)


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