ANZ Bank

ANZ Bank to pay $280,000 over credit card insurance

The bank admitted breaches of the Financial Markets Conduct Act after the Financial Markets Authority filed proceedings in June last year.

The Authority said ANZ issued duplicate policies to some customers which provided no additional benefits.

It also failed to cancel policies for ineligible customers, while continuing to charge them.

The penalty was in line with the Authority's recommendation to the court.


ANZ joins ASB in reintroducing LVR for investors

The Reserve Bank plans to consult banks about bringing back loan-to-value ratios next year, but ASB jumped the gun and reintroduced one yesterday.

The LVRs were suspended by the RBNZ when Covid-19 first emerged as part of its measures to keep money flowing through the economy.

The central bank is set to bring them back in March to cool risky lending in the booming property market which had been driven, in part, by property investors taking advantage of record low interest rates.


Covid-19 pandemic hits ANZ's profits

The New Zealand arm of ANZ's net profit for the three months ended June has fallen by 10 percent or $40 million on the previous quarter to $351m.

It also put aside $79m to cover bad and doubtful debts, on top of the $233m it set aside for the first half of the year.

ANZ chief financial officer Stuart Taylor said the bank's performance had been solid given the economic blow dealt by the pandemic, but he expected bad debts to increase further before the end of its financial year.

Financial Markets Authority files charges against ANZ over credit card claims

The FMA claims ANZ made false and misleading claims.

The authority said the bank issued duplicate policies to some customers which provided no additional benefits and failed to cancel policies for ineligible customers, while continuing to charge them.

It said the bank contravened the Financial Markets Conduct Act and it is seeking penalties and costs against the bank.

ANZ first notified the regulator about both issues in June 2019, but the FMA said the bank had first identified the problems in 2017 and 2018.

Japan bank to buy ANZ Bank's UDC for $762m

Japan's Shinsei Bank is to buy UDC for $762 million, after an original deal to sell it to China's HNA Group for $660m was knocked back by the Overseas Investment Office in 2018.

ANZ had also toyed with floating UDC in a local share sale but reconsidered and last year decided to hold on to it.

"With a strong outlook for infrastructure and agriculture projects as the New Zealand economy rebuilds post-Covid-19, there is a significant role for UDC to play. As such, it needs an owner that can invest in and grow the business," chief executive Antonia Watson said.

100 participants in Vanuatu complete MoneyMinded programme

The MoneyMinded programme was organised by ANZ Bank Vanuatu in partnership with the Ministry of Youth Development and Sports.

Rebecca Borugu from the Youth Empowerment Unit at the Department of Youth Development and Sports said the training was held at the Vanuatu Institute of Teachers Education (VITE) and at Sarabulu Church.

"The workshop helps empower young people, mothers and fathers to better understand that it is important to do planning in their life and that the planning will determined their future,"  Mrs Borugu said.

ANZ selling Papua New Guinea assets

Kina Bank is a subsidiary of Kina Securities Limited, a PNG company listed on the Australian and Port Moresby securities exchanges.

In a release, ANZ said its agreement to sell allows it to "focus solely on Institutional and Large Corporate banking in the market".

It said the move is also in line with ANZ's simplification strategy, while also supporting customers with trade and capital flows in the region.

The sale includes all 15 ANZ branches with ongoing roles for all relevant staff in PNG.