On Thursday, Australian banking giant, expressed his deep fears about the global economy. Regardless of the profits up to 36%, ANZ chief described Europe as a mess. For the financial year of 2010, ANZ’s earning doubled than $2.376 billion, leading to a net income of about $5.193 billion till March 31st, 2010. Net profit for the first six months till March was $1.78 billion (US)

Expressing one of his concerns about the sovereign debt issue blighting Europe, just might spread and affect equity and credit markets.

This situation has got quite realistic with the possibility of it getting worst. Due to strict lending practices, big banks of Australia came clean during the financial crises

ANZ was also once considered taking a move towards the U. S. buyout fund Lone Star. It had its stakes in the Korea Exchange Bank (KEB), whose value was more than 4 billion US dollars. The decision is still pending if the bid will take place or not. According to the opportunity, the idea will be evaluated.

With the KEB bid, ANZ plans to grab opportunities in Asia. Countries like Japan, India, China and Korea are major trading partners and thus Australia will look forward for the customer flow, the only drawback being them being matured markets and not emerging markets.