ANZ chief goes for a 'transformational' deal

Smith eyes a partnership with an Indian or Singaporean bank to expand further its Asian operations.

The chief executive of Australia and New Zealand Banking Group, Australia's fourth largest lender, wants to strike a major deal to catapult it into the Asia big league alongside HSBC and Standard Chartered.

CEO Michael Smith told Reuters in an interview on Tuesday he wants a transformational deal in five years or so after the bank had built out its Asian foundations.

Two bankers close to ANZ said he might have Singapore banks such as OCBC and UOB in mind, but given the time frame he might be lining up for a large Indian lender.

"It seems extraordinary to me that an economy the size of Australia shouldn't have at least one bank in the region which is of significant size," Smith said. "I think to be like a HSBC or a Standard Chartered in the region would be exactly right."

Australian banks traditionally punch below their weight: despite being ranked among the world's top-30 banks by market value, they do not venture too far from home.

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