Australia & New Zealand Banking Group Ltd. is seeking a securities license for its Japanese operations as it expands its financial markets business, The Australian Financial Review reported Oct. 15.
ANZ has started the application for a securities license and is hoping to get it sorted in the "reasonably short term," said Grant Knuckey, CEO of ANZ's Japan business. He added the strategy could be replicated across the bank's Asian operations where the focus is on helping companies trade in the region through its institutional arm. ANZ is scaling back its banking stakes in Asia as it focuses on foreign corporate customers.
Knuckey said the bank is looking to capitalize on increasing foreign direct investment in Asia-Pacific while Japanese companies have also increased their interest in foreign assets and activity such as M&A in Australia.