Australia and New Zealand Banking Group Limited Announces Change in Group Executive Australia

On December 13, 2018, Australia and New Zealand Banking Group Limited (ASX: ANZ) came forward and made an announcement about its group executive Australia. This announcement has been made by issuing the press release which states that Fred Ohlsson who is group executive of the Australian division would be leaving his current designation. He would go on a career-break and he has been serving the bank from the past 17 years. Mr. Fred Ohlsson had also been on several senior level positions with regards to retail and commercial banking throughout New Zealand as well as Australia. Before he took over the charge of the group executive of Australian division, he was working as the Managing Director of the retail and business banking for the term of 5 years in the New Zealand. The press release also stated that who would be taking the position of the group executive Australia.

As per the announcement made by Australia and New Zealand Banking Group Limited, Mr. Mark Hand would be taking the charge as well as the position and will be placed as acting group executive of the Australia division. The CEO or Chief Executive Officer of Australia and New Zealand Banking Group Limited stated that the decision of Mr. Fred Ohlsson of taking the career-break was reasonable as well as understandable. The decision of going in Sweden would be in the best interests of Mr. Fred Ohlsson as well as his family. The ANZ’s CEO also stated that he had made numerous contributions to the bank. According to Mr. Fred Ohlsson, this career-break was needed keeping in view his family.

Recently, Australia and New Zealand Banking Group Limited has published the FY 2018 results presentation. As per the presentation, the bank possesses robust balance sheet as well as credit quality. However, the presentation also says that the bank had witnessed some negative impacts in the Australian division. With regards to the New Zealand as well as Institutional businesses, the favourable momentum was witnessed. In the annual report for FY 2018, the top management of the bank stated that the bank still possesses strong business fundamentals. Needless to say, the banking space in the Australia had witnessed several challenges from the regulatory front. As pet the annual report, Australia and New Zealand Banking Group Limited would be working towards earning the trust of the customers which has been lost to a great extent.

Let us try and understand how the stock has been performing today. As we write, the stock price of Australia and New Zealand Banking Group Limited is encountering favourable momentum. The stock price of the bank is trading at A$25.490 per share which represents that the stock has encountered an increase of A$0.29 per share or 1.15%. The market capitalisation of Australia and New Zealand Banking Group Limited stood at $72.27 billion and annual dividend yield of the bank is 6.35%. Over the past one month, ANZ has delivered the return of -4.29%.


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