ANZ boss Mike Smith has likened the Australian banking state of play to the epic fantasy novel Game of Thrones, defending his 2007 “super-regional” vision as a long-term play.
Here’s what he said:
This is a long game; it’s like the Game of Thrones. We’re in book one at the moment and we’ve got some way to go.
If you put all your eggs in one basket, that’s fine … But a bank of our size has to have a broad business mix, and we’ve always fundamentally been a commercial bank, not a retail bank.
We’re creating an international bank with a super-regional strategy to support the growth of Australian and New Zealand businesses in the region.
It seems to be only the sell-side analysts in Australia who don’t get it. Maybe [JP Morgan’s] equity analyst would like to give advice to their own senior management.
A Game of Thrones – made popular by the HBO TV series – was published in 1996 as the first in George R. R. Martin’s seven-book series A Song of Ice and Fire. Only five of the books have been published so far.
There’s more on The Australian.
Business Insider Emails & Alerts
Site highlights each day to your inbox.