On November 8, 2024, Shayne Elliott, Chief Executive Officer of ANZ, spoke with Brett Foley from bluenotes about the bank's performance and strategic initiatives. Elliott described the year as strong despite it following a record year in 2023. He highlighted that revenue remained at an all-time high and pointed to several strategic achievements.
Elliott emphasized the completion of the acquisition of Suncorp Bank as a significant milestone. "This is a great deal for shareholders and for customers — welcoming 3,000 employees and importantly, 1.2 million customers across into the ANZ family," he said. The integration was seamless and expected to bring future revenue opportunities.
Another notable development was the sale of AmBank shares which facilitated ANZ's largest share buyback to date. Elliott reported that they had already bought back about 30 million shares.
The institutional segment also showed robust growth with their platform Transactive delivering record revenues and profits. Additionally, ANZ Plus emerged as a competitive strength in retail banking with customer numbers growing by 84% over the year.
Discussing Suncorp Bank's inclusion since its acquisition on August 1st, Elliott noted improvements in customer numbers, home loan book growth, deposit franchise expansion, and a reduction in impaired assets. "We've got a better bank than we thought at the time when we announced the deal," he remarked.
Elliott outlined plans for dual platforms – Plus for retail or small business customers and Transactive for larger corporations – aimed at creating more adaptable banking solutions. These platforms are designed to enhance customer experience through improved services such as foreign exchange management and trade finance capabilities.
Looking ahead to ANZ's upcoming bicentennial anniversary, Elliott stressed focusing on long-term sustainable advantages using advanced technology like Open Banking which allows Plus customers to view all bank accounts in one place.
Regarding economic conditions including interest rates and cost of living pressures, Elliott acknowledged uncertainties but underscored ANZ’s preparedness due to its strong balance sheet: "We're here to help customers whatever may happen."