ANZ New Zealand (ASX:ANZ) says it’s willing work with the Reserve Bank of New Zealand (RBNZ) on independent reviews of its capital models and attestation process.
It comes after Antonia Watson stepped in as Acting CEO of ANZ New Zealand following the departure of David Hisco, following an internal review of his personal expenses.
The bank will now work with the RBNZ under section 95 of the RBNZ Act to commission an independent third party to look at its compliance with its capital adequacy requirements and the Directors’ attestation and assurance framework.
As at 31 March 2019, ANZ NZ held over $12.4 billion of capital, almost $3.5 billion more than its regulatory requirement.
Shares in ANZ Bank New Zealand (ASX:ANZ) closed 1.18 per cent lower at $28.54 on Friday.