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ANZ to shut down futures operation

30 November 2000  |  994 views  |  0 ANZ to shut down futures operation

ANZ is to shut down its client futures execution and clearing operation, ANZ Futures.

In a brief statement, the Australian bank said: "ANZ's strategy of specialisation, e-transformation and growth involves focusing on those areas where ANZ has or can develop distinctive capabilities."

The closure will complete the bank's withdrawal from several similar residual lines of business following the sale of its retail stockbroking business to Salomon Smith Barney in September last year. Other disposals include the sale of its share in its equity clearing services joint venture ANZ MeesPierson Clearing Services to its Dutch partner earlier this year.

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