Analysts have cast doubt over Australia and New Zealand Banking Group's
(ASX:ANZ) latest international growth strategy.
Last week the bank announced it is targeting up to 30 per cent earnings growth in Asia, Europe and the Americas by 2017.
Analysts have told the Australian that the new target “looked a stretch” considering that ANZ’s original target of 20 per cent growth by 2012 looks unlikely to be met.
The paper reports that while the strategy could achieve stronger growth in the coming years, it is also expected to hike costs in the short term.
ANZ is Australia’s third largest bank and has the largest presence in the Asia Pacific region from the big four local banks.
In the 2010 financial year ANZ booked a net profit of $4.5 billion.
