By Stuart Condie
SYDNEY--Australia's ANZ Group scrapped its share buyback and plans to invest in mortgage and commercial bankers as its new CEO tries to boost productivity and returns.
ANZ on Monday said it would halt its ongoing share buyback, which has about 800 million Australian dollars, or US$518 million, remaining. This will allow it to return about A$1 billion in surplus capital to the bank, it said.
ANZ, which is Australia's fourth-largest bank by market capitalization, will invest heavily in its in-house mortgage sales force with the aim of increasing the number of lenders in its branches by up to 50%.
It also wants to increase the number of commercial bankers servicing its business and private customers by up to 50%. It plans to develop its own pipeline of bankers in a new Commercial Bankers Academy.
"Our people will deliver our strategy, and we must focus on a culture of customers, performance and talent," said Chief Executive Nuno Matos, who took charge this year.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
October 12, 2025 19:08 ET (23:08 GMT)
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