Strong business position in core geographic markets of Australia and New Zealand Relatively moderate risk profile supported by good risk management framework Solid and sustainable earnings profile Well-regarded management team Nonperforming assets remain higher than domestic peer averages (although lower than international peer averages) Challenges associated with mobilization of low-cost customer deposits in line with loan growth Challenges associated with its integration of newly acquired National Bank of New Zealand Ltd. (NBNZ) Recently moderated, although still acceptable, capital position The ratings on Australia and New Zealand Banking Group Ltd. (ANZ) reflect its strong and well-entrenched market position in its core geographic markets of Australia and New Zealand, its relatively moderate risk profile, which is characterized by a focus on lower
