The analyst who slammed ANZ's Asia strategy is the bank's Australia unit CFO

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Scott Manning, who back in 2013 as a JPMorgan analyst dissed ANZ Bank’s Asia expansion strategy, has been named as the chief financial officer of the lender’s Australia unit.

Manning will start the role on August 1 and will be based in Melbourne. He will report to group deputy CFO Shane Buggle.

In 2013, Manning and then ANZ CEO Mike Smith, the architect of the regional expansion, traded barbs over the performance of the Asian unit.

In an investor note Manning highlighted ANZ’s non-Australia and New Zealand units absorbed 27% of the bank’s capital but generated only 14% of group earnings in the first half of 2013.

The return on tangible equity for the overseas units was less than half of the domestic businesses and ANZ could have deployed the capital locally to boost returns, he said.

While Smith agreed returns had to improve, he said it was tracking in the right direction. He compared his plans to a fantasy drama television series.

“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,” Smith said.

Since then Smith has departed and his successor Shayne Elliott has exited underperforming Asian businesses and shrunk the loan book in the region.

“Scott is well known for not only asking probing questions but for also having a deep and considered knowledge of the banking industry. As one of Australia’s leading bank analysts, his experience examining the Australian banks makes him strongly qualified to lead a strategic finance role within ANZ,” Buggle said.

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