Australia and New Zealand Banking Group (ANZ) is making moves to boost its presence in Asia by expanding the number of dealing room staff in the region.
An ANZ spokesperson tells Squawkbox that the bank plans "to have a significant dealing room presence in Hong Kong and Singapore, to service our growing customer base, and to a lesser extent in Japan where the focus is on deposit-raising."
While the spokesperson declines to specify details, an unnamed source tells Reuters that the Hong Kong dealing room staff could grow from eight to 70 in the coming year with the operation to focus on fixed income, foreign exchange and equities distribution in the greater China region.
The bank currently has about 3,000 staff across Asia with the region contributing around 7% of group net profit after tax (NPAT). The spokesperson says the bank has a target of 20% of NPAT from the region by 2012.
Hong Kong will be the hub for ANZ’s North East Asia business and regional institutional business while Singapore will be the hub for its South and South East Asia business and its regional retail business.