ANZ to use Asian network to cut costs

ANZ plans to use its network in lower-cost Asian countries "more aggressively" by employing more staff to handle some back-office operations, helping to keep a lid on costs.

"We make no excuses for that", chief executive John McFarlane said in Sydney yesterday, adding that ANZ would continue to hire more staff in Australia and New Zealand.

McFarlane said ANZ would not move its call centres in Australia and New Zealand overseas.

ANZ has the most extensive network in Asia among Australia's banks, although its Asia-Pacific operations accounted for only 4 per cent of its earnings