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AAP
AAP
Derek Rose

ANZ cancels $800m share buyback to 'focus on basics'

ANZ ANZ Plus Nuno Matos Australia Suncorp Bank
ANZ has "a lot to do" for its retail and commercial customers in Australia the company says. (James Ross/AAP PHOTOS)

ANZ is cancelling $800 million in share buybacks as part of a new five-year strategic plan that includes integrating ANZ Plus and Suncorp Bank more quickly.

The big four bank's new chief executive, Nuno Matos, described his ANZ 2030 plan as a customer-centric back-to-basic plan that includes a big investment in its mortgage sales force.

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