ANZ and Commonwealth Bank are building up institutional banks (which provide banking services to large corporates) in Asia, in part to provide a hedge against returns from mortgages. Along with NAB and Westpac, the majors are also searching for opportunities to lend to companies developing rare earth minerals and green technology. ANZ operates the largest institutional bank among the big four, spanning 18 countries in the region (the same as HSBC). The whole ANZ board visited India last week to hear about its growing international focus. However, HSBC reminded the Australian majors it is a far bigger player in Asian…