ANZ 2030 strategy focuses on customers, ceases remaining share buyback

ANZ Group Holdings Ltd on Monday announced its 2030 strategy, centred on improving customer experience by expanding its frontline workforce and investing in banker capability.

The Melbourne, Australia-based bank said it will focus on a customer-first strategy and delivering simplicity, resilience, and value.

"Under our new strategy, customers are at the centre of everything we do — whether it's improving their experiences, offering them leading technologies and platforms, or keeping them safe," said ANZ Chief Executive Officer Nuno Matos.

"In a competitive banking environment, this must include a focus on delivering differentiated and superior propositions, raising the standard of every digital and human interaction in our channels, and avoiding disintermediation, while materially improving productivity levels."

ANZ will invest in its mortgage sales force and increase Australia Retail lenders in branches by 50%.

By 2030, ANZ is expecting to have increased their bankers for Business & Private Bank by close to half through its new Commercial Bankers Academy that will develop its own talent and better tools to boost banker capability and productivity.

ANZ also reported that it will stop the remaining AUD800 million, approximately USD522.3 million, of its share buyback programme. This will allow ANZ to return surplus capital of AUD1 billion from its non-operating holding company to the bank.

It also revealed that it expects to apply a 1.5% discount on the next two dividend reinvestment plans, which it expects will not be neutralised.

The bank said the board is confident in the strategy and expects the final dividend for the financial year to remain unchanged from the first half ended March 31 at AUD0.83 per share.