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ANZ Bank unwinds Asia strategy -

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The ANZ Bank has started to unwind its costly expansion strategy in Asia, which was introduced by its former chief executive, Mike Smith.

This morning the ANZ said it was selling its retail and wealth businesses in five Asian countries to Singapore's DBS Bank.

ANZ's new chief executive, Shayne Elliott, says he remains committed to Asia but that further investments no longer make sense.

Shayne Elliott, chief executive, ANZ