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  1. rembrandt

    5,816 Posts.

    Hmmm... Date 25/10/2002

    From the desk of the Australian's Robert Gottliebsen...host of
    Business Daily.

    ANZ chief John McFarlane is alone in the Australian banking business.

    McFarlane is introducing a management style to the ANZ that is remarkably similar to Woolworths CEO Roger Corbett.

    In simple terms, just as Woolworths opens new stores McFarlane will open new branches because he believes personal contact has become at core element of modern banking growth, his attitude to branches are very different to his Australian rivals.

    But he also thinks the Commonwealth's David Murray, the National's Frank Cicutto and Westpac's David Morgan are wrong in their belief that wealth management is the best growth area in banking.

    McFarlane believes personal banking and small business will be a much bigger growth generator.

    He also signals that if the NAB takes over St George or the AMP then it will create two large financial organisations the Commonwealth and NAB and he might press hard to be able to merge with Westpac and create a third large organisation.

    The ANZ the company has spent more than $500million on new systems and McFarlane is going to use some of the future cost reduction to invest in more people and branches to improved customer relations which he believes will boost
    the banking business.

    Its a radical strategy for a bank.


    This is only my view ... read the red stuff.

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