ANZ, OCBC pull out of plans for a pan-Asian internet bank

Australia and New Zealand Banking Group Limited (ANZ) and Oversea-Chinese Banking Corporation Limited (OCBC) of Singapore have agreed to withdraw from their joint venture to develop a stand-alone internet bank in Asia.The announcement follows six months of detailed work on the business model, which indicated that financial returns were not sufficiently compelling given market entry costs and a softer economic environment. The venture was announced in July and would have seen the two b…