ANZ and MYOB: what could possibly go wrong?

ANZ boss Shayne Elliott is pretending to walk and chew gum at the same time when he can’t even walk.

, it sounded almost fanciful. The strategic rationale was certainly quixotic, as it remains: that ANZ could generate competitive advantage from mining MYOB’s “ecosystem” for valuable data and new customers.has seen the Nasdaq lately. Maybe next week he’ll offer $54 billion for Klarna.

Indeed, how could ANZ be expected to integrate the systems of any external business into its own when its new app, ANZ Plus, is completely unintegrated with the rest of the bank? Elliott is pretending to walk and chew gum at the same time when he can’t even walk. Elliott can scarcely persevere with this agenda given how sharply it throws into focus his abject failure at simple banking, from ANZ’s retail mortgage book to the ANZ Plus farce.MYOB, meanwhile, is just another private equity football and an investment banker’s dream. The company has been drained for fees by financiers ever since chairmanMYOB’s been a dream, but also an occasional nightmare, for one particular investment banker.

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