Further to my earlier post. it seems the ANZ has already begun...

Further to my earlier post. it seems the ANZ has already begun the process of splitting up it's banking operations from non-banking activities:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02613238-3A609702?access_token=83ff96335c2d45a094df02a206a39ff4

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02614326-3A609901?access_token=83ff96335c2d45a094df02a206a39ff4



This is referring to corporate restructuring in Australia, but should logically extend worldwide. Not sure if this is in response to the proposed tax hike for banks in PNG, or if it is something that was already in train. More likely to be the latter IMO, given the zeitgeist in the global banking industry (AML, KYC etc).

It will be interesting to see how ANZ implements the split outside Australia. One approach would be to nest all global banking operations under the Australian banking subsidiary, and all global non-banking business under the Australian non-banking subsidiary. This would seem the most logical from an operational point of view, and have the effect of completely separating banking from non-banking business in PNG (and word-wide). ANZ's PNG business would separate into two companies owned from outside PNG as foreign subsidiaries of the two respective subsidiary groups of the Australian based ANZ Non-Operating Holding Company.