ANZ CEO apologises to parliamentary inquiry

Company News

by David Chau

Yesterday, the CEO of ANZ Bank (ASX:ANZ), Shayne Elliott, was called to answer questions at a parliamentary inquiry into the banking sector.

Mr Elliott started off by apologizing for a number of ANZ’s failures, such as overcharging on credit card fees, a “blokey culture” in some parts of the bank, and promised to “do better”.

He also admitted that the bank should never have loaned more than $900 million to Indian businessman, Pankaj Oswal. This was recently the subject of litigation in the Victorian Supreme Court that settled for sum estimated to be over $200 million.

Mr Elliott also says ANZ is considering whether to continue donating millions of dollars to the Liberal and Labor parties – a position that NAB has also recently taken.

ANZ reported a net profit of $2.7 billion at 31 March 2016.

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