The departure of Smith from ANZ has seen the lender embark on a review of its Asian wealth management operations. As reported by WealthBriefingAsia in May, the Australia-headquartered bank said that costs associated with these operations are significant. It is also reviewing its retail banking businesses in Asia.

PwC's announcement of Smith's arrival, while it did not comment on ANZ's subsequent shift in focus, contained a warning from the professional services firm that Australia could find itself at a disadvantage if it does not take note of the economic success of its Asian neighbours.

“Asia is going to be the world’s growth engine for the foreseeable future and with several of our Australia-Asia free trade agreements in force or soon to be, the time to act is now,” said Andrew Parker, PwC’s Asia practice leader.

“Mike has been one of the most enthusiastic and consistent advocates of Australian business engagement with Asia. I am looking forward to working with Mike as we develop and execute our Asian growth strategy and advise our clients as they develop their plans for the region," Parker said.