ANZ Group Holdings Ltd chief executive officer Shayne Elliott said fears about the “demise of China” as an investment destination are “massively overblown,” with the bank seeing brisk business in the country.

“Our business in China is going great,” Elliott said at an AustCham Singapore event on Wednesday. However, operating in the country is “bumpy” and “complicated,” he added.

China announced a slew of stimulus measures last week, including interest-rate cuts, freeing up cash for banks, and liquidity support for stocks to spur a slowing economy.

Most of ANZ’s Asia-Pacific business is through institutional banking and its international return-on-equity has grown to mid-teens, from around 3% when Elliott became CEO more than eight years ago. He said in March that the bank aims to expand its presence in India, Vietnam and in China — where it has around 300 employees — to keep pace with the growing needs of its clients there.

  - Bloomberg