ANZ to quit Laos’ retail products and services business

Australia and New Zealand Banking Group said that it would close its Laos’ retail products and services to shift attention to its institutional banking business in the country.

Australia’s lender said the move was in line with its plan to simplify business and improve capital efficiency as part of its Asia strategy.

ANZ had sold its wealth and retail businesses in five Asian markets to DBS Group Holdings in 2016, and has since also quit its retail banking business in the Philippines and Vietnam.

Re-disseminated by The Asian Banker from Reuters

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