It seems that ANZ are the second major bank in Australia to pull out of the invoice discounting market following BankWest last year. This is despite increasing demand for the product and seems to be partly as a result of insufficient expertise within the factoring and invoice discounting markets down under.
If I were younger with fewer family committments here I would give serious thought to carving out a career for myself in Australia as they seem to be crying out for experienced personnel there and I love the lifestyle.
Absolutely concerning that two major insituitions have chosen to limit their product offering in this way. Lack of experienced staff seems like a pretty long bow to draw, given Bankwest’s issues didn’t seem to have anything to do with personnel at all, and ANZ’s moves are for as yet undisclosed reasons. Insiders don’t point out inexperienced staff, or bad debts, as reasons behind their decision though.
Just to clarify, neither of the actions were staff based as far as we can see. Bankwest, offshoot of HBOS, were bought by CBA who have their own Debtor Finance team. Bankwest now focus their efforts on the home loan market where they had an established presence/brand. ANZ, we are advised, took the decision based on infrastructure/IT issues.
Both of these unfortunate demises have resulted in experienced people seeking roles in a small and well populated market. I wouldn’t recommend too many people packing up and moving over unless they have a solid position secured as the levels of experience are stronger than the correspondent implies.