I used to run recruiting for
MBB in SEA. Yes, we do recruit locally for analyst level as best as we can. From schools like
NUS (and
NTU to a much smaller extent) in Singapore; Ateneo (and UPH to a much smaller extent) in the Phils; ITB (and Univ of Indonesia to a much smaller extent) in Jakarta, etc. But the yield we were getting out of this channel was typically very low. In a recruiting season, we were lucky to get 1-2 per country put of 300-500 applicants per country. And these applicants were already cherry-picked based on academic and extracurricular measures.
For US/EU graduates, the focus is about 15-20 schools. These are the usual suspects. The 8 Ivies in the US plus MIT and Stanford. The public Ivies in the US (Berkeley, Michigan, North Carolina, Virginia). Oxbridge, INSEAD,
LSE, Imperial College. These are the same schools that
MBB-sponsored analysts get their MBAs from.
For ANZ, we don't typically go to ANZ for recruitment because they are our neighbors and have their own needs to fulfill. I.e., we don't want to poach their candidates. But if there are candidates over there that are interested in SEA, the ANZ offices will simply refer them to us.