Dominant market position in Australian and New Zealand retail and commercial banking sectors--being relatively lower-risk banking sectors by international standards Larger New Zealand banking franchise than peers offers potential future competitive advantages Stable, repeatable, good quality core earnings, by international standards Potential recipient of extraordinary Australian Government support, in the unlikely event it were required Reliant on domestic and offshore wholesale funding to supplement deposit funding sources Some execution risk associated with Asian regional expansion, noting that strategies appear well-managed to date Relatively subdued outlook for retail and business credit growth in home markets Smaller funds management business compared to its three major Australian competitors Our ratings on Australia and New Zealand Banking Group Ltd. (ANZ) reflect the anchor stand-alone
