The ANZ Bank has gone into a trading halt, pending an announcement on its business in Asia.
CEO Shayne Elliott is due to give an investor briefing later this morning on the bank’s review of its Asia retail and wealth business.
Analysts expect the emphasis of the Asia strategy to be wound back.
Elliott, who in January replaced Mike Smith, a big believer in the growth prospects of Asia, wants the bank to have a more targeted business in the region.
Part of this will be offloading the bank’s stake in Shanghai Rural Commercial Bank, according to Street Talk in the Australian Financial Review.
The ANZ has been cleaning out in preparation for its full year profit announcement due on Thursday.
Last week, the bank announced a combined $360 million in additional charges which will drag down the bank’s full year cash profit below the $6.2 billion expected by analysts.
This is on top of a one-off $145 million settlement of the Oswal court case.
Last month the bank announced the departure of the chief operating officer, Alistair Currie, in a major reshuffle of its operations and technology units.