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ANZ (bank)

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TheAustralia and New Zealand Banking Group Limited,commonly known asANZ Bank,is amultinationalbanking andfinancial servicescompany headquartered inMelbourne,Victoria,Australia. It is Australia's second-largest bank byassetsand fourth-largest bank bymarket capitalisation.[2]

Australia and New Zealand Banking Group Limited
Company typePublic
IndustryFinancial services
PredecessorBank of Australasia
Union Bank of Australia
ES&A Bank
Founded2 October 1951;73 years ago(1951-10-02)(ANZ Bank)
16 January 1969;56 years ago(1969-01-16)(ANZ Group)
1 October 1970;54 years ago(1970-10-01)(ANZ Group Merger)
Headquarters833Collins Street, Melbourne,Victoria,Australia
Area served
Worldwide
Key people
Products
DecreaseA$20.81 billion[1](2024)
DecreaseA$6.73 billion[1](2024)
Total assetsIncreaseA$1.23 trillion[1](2024)
Total equityIncreaseA$70.60 billion[1](2024)
Number of employees
42,370[1](2024)
Subsidiaries
Websitewww.anz.com.auEdit this at Wikidata

Its current corporate entity was established on 1 October 1970, when the Australia and New Zealand Bank (ANZ) merged with theEnglish, Scottish & Australian Bank(ES&A).[3]It was the largest bank merger in Australian history at the time.[3][4]The Australia and New Zealand Bank had in turn been founded in 1951 as a merger of theBank of Australasiaand theUnion Bank of Australia,which were established in 1835 and 1837 respectively. ANZ is one of theBig FourAustralian banks, along with theCommonwealth Bank,National Australia BankandWestpac.

Australian operations make up the largest part of ANZ's business, withcommercialandretail bankingdominating. ANZ is also the largest bank in New Zealand, where the legal entity became known as ANZ National Bank in 2003 and changed toANZ Bank New Zealandin 2012. From 2003 to 2012, it operated two brands in New Zealand, ANZ and theNational Bank of New Zealand.The National Bank brand was retired in 2012, with a number of branches closing and others converting to ANZ branches.[5]In addition to operations throughout Australia and New Zealand, ANZ also operates in 34 other countries.[6]

ANZ together with its subsidiaries has a workforce of around 42,000 employees and serves more than 10 million customers worldwide.[1][7]

History

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19th century

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ES&A Bank branch in Sydney, New South Wales in 1872

The Bank of Australasia was founded inLondonin 1835. Its first branch was opened in Sydney on 14 December 1835. It combined with the Cornwall Bank, which was formed inLaunceston, Van Diemens Landin 1828.[8]In 1837, Union Bank of Australia was established in London by a group of people including bankerGeorge Fife Angas.[9][10][11]TheEnglish, Scottish & Australian Bank(ES&A) was established in London in 1852, and opened its first Australian branch in Sydney in 1853. The ES&A bank took over theCommercial Bank of Tasmaniaand theLondon Bank of Australiain 1921 and the Royal Bank of Australia in 1927.

20th century

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In 1951, the Bank of Australasia merged with Union Bank of Australia to form the Australia and New Zealand Bank (ANZ Bank).[12]In 1963, the first computer systems established in new data processing centre inMelbourne,Australia. In 1966, ANZ began operations inHoniara,Solomon Islands.In 1968, ANZ opened an office inNew York,US. In 1969, ANZ established a representative office inTokyo,Japan.

On 1 October 1970, ANZ merged with the English, Scottish & Australian Bank to form the present organisation, Australia & New Zealand Banking Group.[13]That same year, the bank began operating inVanuatu.In 1976, ANZ (PNG) was established. In 1977, ANZ transferred its incorporation from the UK to Australia. In 1979, ANZ acquired theBank of Adelaide.

In 1980, theSingaporeand New York representative offices upgraded to branch status. In 1984, ANZ purchasedGrindlays Bank.[14][15]In 1985, ANZ acquiredBarclays' operations inFijiand Vanuatu. That same year, the bank received a fullcommercial bankinglicenceand opened a branch inFrankfurt,Germany, and announced ANZ Singapore. In 1988, ANZ opened branches inRarotonga,Cook Islands andParis,France. In 1989, ANZ purchasedPostBankfromNew Zealand Government.[16]

During the 1990s, the Australia and New Zealand Banking Group acquired several banks. In 1990, this includedNational Mutual Royal Bankin March[17]and the Town and Country Building Society in Western Australia in July.[18]That same year, ANZ purchased Lloyd Bank's operations inPapua New Guinea[19]and theBank of New Zealand's operations in Fiji.[20]

In 1993, ANZ established new headquarters inMelbourne,Australia.[21]They also opened new branches inHanoi,Vietnam,[22]andShanghai,China,[23]and began ajoint venturewith PT Panin Bank inIndonesia.[24]That year they also began operating inTonga[20]and sold their Canadian operations acquired via the purchase ofGrindlays Bankin 1984 toHSBC Bank Canada.

Throughout the late 1990s, ANZ opened new branches in several locations, includingManila,Philippines,[25]andHo Chi Minh City,Vietnam.[26]In 1997,John McFarlanewas appointedchief executive officer[27]and the bank opened its Beijing branch.[28]In 1999, ANZ formed astrategic alliancewith E*Trade Australia for onlinesharetrading[29]and purchasedAmerika Samoa Bank.[30]

21st century

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In 2000, ANZ sold its Grindlays businesses in the Middle East and South Asia, and associated Grindlays Private Banking business toStandard Chartered.[31]In 2001, ANZ opened branches in Timor Leste[32]and began offering credit card services in Hong Kong.[33]In 2002, ANZ formed ajoint venturewithING Groupfor wealth management andlife insurancebusiness in Australia and New Zealand.[34]The next year, ANZ acquired theNational Bank of New Zealand.[35]

In 2005, ANZ established theANZ Royal Bankin Cambodia, a joint venture with the Cambodian-based Royal Group company.[36][37]In 2006, ANZ announced a new world headquarters in theMelbourne Docklands[38]and invested in theBank of Tianjin,China.[39]In 2007, ANZ acquired E*Trade Australia and Citizen Securities Bank in Guam.[40][41]Also in 2007, Mike Smith, formerly ofHSBC,becameCEOafter the retirement ofJohn McFarlanein October[42]and the company took over the naming rights sponsorship for Sydney'sStadium Australia.[43]

In August 2009, ANZ purchased theRoyal Bank of Scotland's (RBS) operations in six Asian countries for $550 million.[44]In September the company announced it would buy out ING Group's 51% stake of the joint venture, giving ANZ 100% control of ING Australia.[44]In November, ANZ opened their new headquarters in Melbourne.[citation needed]

In 2010, ANZ acquired the RBS' interests in Hong Kong, Taiwan, Singapore and Indonesia.[45][46][47]That year ANZ also expanded its stake in the Bank of Tianjin.[39]In November,ING Australiawas renamedOnePath.[48]

In 2012, ANZ announced the retirement of the National Bank brand in New Zealand.[5]In 2013, ANZ became the first bank to reopen in the Christchurch CBD following the 2011 earthquakes.[49]

In 2016,Shayne Elliottbecame CEO.[50]In April ANZ partnered withAppleto bringApple Payto its customers.[51][52]In 2017, ANZ acquiredREALasproperty price predictor start-up.[53][54]

In 2018, theRoyal Commission into Misconduct in the Banking, Superannuation and Financial Services Industryheard that ANZ had failed to accurately verify the living expenses of home loan customers referred to the bank by mortgage brokers, believing that this was the responsibility of the brokers, in spite of aconflict of interestin doing so;[55]: 465–469 [56]and that, due to processing issues, it had charged nearly 500,000 home loan customers the incorrect interest rate for more than ten years, leading the bank to overcharge customers by approximately $90 million.[57][58][59]: 662 [60]: 707 

Bloomberg Intelligenceestimated in May 2020 that ANZ's surplus capital was A$3.4 billion (US$2.4 billion), with ANZ CEO Shayne Elliott tellingBloombergthat the bank was "sitting on" the excess while it considered market trends.[61]

In February 2020, theFederal Court of Australiafined ANZ AUD10 million for charging customers fees between 2003 and 2015 that it was not entitled to, equating to profits of around AUD3.1 million. The regulator said around 69,000 customers had been affected.[62]For the year ending September 2020, ANZ posted a yearly profit of A$3.58 billion (US$2.53 billion), a decline of 40% from the A$6 billion in 2019, with the bank attributing the drop to theCOVID-19 pandemicand "full year credit impairment charges" of A$2.74 billion as a result.[63]

After tensions between China and Australia resulted in China imposing trade curbs on imports from Australia in October 2020, the CEO of ANZ stated toCNBCthat the company was also "looking for opportunities" in other Asian countries beyond China as well.[64]It was reported in March 2021 that ANZ was planning to cut its workforce in China by half, and shift the positions elsewhere.[65][66]In November 2021,Reutersreported that ANZ was being sued by a law firm in a class action lawsuit for unfair contract terms, after ANZ allegedly charged interest on customer purchases that had been repaid on time. The lawsuit focused on charges levied prior to January 2019, when an Australian law outlawing charging retrospective interest had been implemented.[67]In December 2021, ANZ pled guilty in a case filed by theAustralian Securities & Investments Commissionto breaching its obligations as a financial services and credit licensee provider, and not fully disbursing benefits to 500,000 customers. An A$25 million penalty was proposed.[68]

ANZ said it was combining its digital division and its Australian retail business in February 2022.[69]In March 2022, ANZ launched a digital bank called ANZ Plus.[70]In April 2022, ANZ was involved in a joint venture withScentre Group,Westpac,IBMand theCommonwealth Banknamed Lygon, a blockchain startup.[71]In July 2022, ANZ agreed to terms withSuncorpto purchaseSuncorp Bankfor $5 billion.[72]However, theAustralian Competition & Consumer Commission(ACCC) blocked the deal in August 2023.[73]On 20 February 2024, theAustralian Competition Tribunaloverturned the decision by the ACCC, paving the way for ANZ to acquire Suncorp Bank.[74]

In 2023, ANZ announced a strategic investment[75]in Australian property media and technology companyView Media Group(VMG).

Executive leadership

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Chief Executives

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In December 2024,Nuno Matos,a former executive atHSBCand Santander, was appointed as the new Chief Executive Officer of ANZ Bank, succeedingShayne Elliott.[76]

The following individuals have been appointed to serve as chief executive:


Australia and New Zealand Bank Limited, 1951–1970

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# Name Title Term start Term end Ref
1 Aubrey Roy Liddon WiltshireCMGDSOMC General Manager 2 October 1951(1951-10-02) 30 June 1954(1954-06-30) [77][78][79]
W. H. Thomas 31 March 1952(1952-03-31) [80][81]
2 Walter Ward Riddington 1 April 1952(1952-04-01) 21 January 1954(1954-01-21) [80][77][82]
3 Hugh WilliamsonCBE 1 July 1954(1954-07-01) 30 June 1961(1961-06-30) [83][84][85]
4 Sir Roger DarvallCBE 1 July 1961(1961-07-01) 31 August 1967(1967-08-31) [86][87][88]
5 Charles RennieCBE 1 September 1967(1967-09-01) 1 October 1970(1970-10-01) [87]

Australia and New Zealand Banking Group, since 1970

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# Name Title Term start Term end Ref
1 Harry McEwin ScamblerCBE Managing Director 1 October 1970(1970-10-01) 31 March 1973(1973-03-31) [89][90][91]
2 Charles RennieCBE 31 March 1973(1973-03-31) 31 March 1976(1976-03-31) [92]
3 Mac BrunckhorstAO 1 April 1976(1976-04-01) 31 October 1980(1980-10-31) [93][94]
4 John Milne 1 November 1980(1980-11-01) 12 November 1984(1984-11-12) [94][95][96]
5 Will BaileyAO 19 November 1984(1984-11-19) 15 August 1988(1988-08-15) [96][97]
Chief Executive Officer 15 August 1988(1988-08-15) 30 September 1992(1992-09-30)
6 Don Mercer 1 October 1992(1992-10-01) 30 September 1997(1997-09-30) [98][99]
7 John McFarlaneOBE 1 October 1997(1997-10-01) 30 September 2007(2007-09-30) [99]
8 Mike SmithOBE 1 October 2007(2007-10-01) 31 December 2015(2015-12-31) [100][101][102]
9 Shayne Elliott 1 January 2016(2016-01-01) Incumbent [101][102]

Chairs of the Board

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The following individuals have been appointed to serve as chairman of the board:

Australia and New Zealand Bank Limited, 1951–1969

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# Name Term start Term end Ref
1 Sir Geoffrey GibbsKCMG 2 October 1951(1951-10-02) 1 October 1967(1967-10-01) [103][104][105]
2 Lord CarringtonKCMGMC 1 October 1967(1967-10-01) 16 January 1969(1969-01-16) [106][107]

Australia and New Zealand Banking Group, since 1969

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# Name Term start Term end Ref
1 Lord CarringtonKCMGMC 16 January 1969(1969-01-16) 22 June 1970(1970-06-22) [89][108]
2 Sir Alexander Ross 22 June 1970(1970-06-22) 21 January 1975(1975-01-21) [90][109][110]
3 Angus MackinnonDSOMCTD 21 January 1975(1975-01-21) 30 September 1977(1977-09-30) [111]
4 Sir Ian McLennanKCMGKBE 1 October 1977(1977-10-01) 18 January 1982(1982-01-18) [112][113]
5 Sir William VinesACCMG 18 January 1982(1982-01-18) 23 January 1989(1989-01-23) [113]
6 Milton Deane BridglandAO 23 January 1989(1989-01-23) July 1992(1992-07) [97][98]
7 John Bernard GoughAOOBE July 1992(1992-07) August 1995(1995-08) [98][114]
8 Charles GoodeAC August 1995(1995-08) 1 March 2010(2010-03-01) [114][115]
9 John Morschel 1 March 2010(2010-03-01) 30 April 2014(2014-04-30) [116][117][118]
10 David GonskiAC 1 May 2014(2014-05-01) 28 October 2020(2020-10-28) [118][119]
11 Paul O'Sullivan 28 October 2020(2020-10-28) Incumbent [119]

Organisational structure

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Operations

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Personal banking

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Personal bankingis one of the largest divisions within ANZ. It provides financial services including banking and lending products to thegeneral public.ANZ serves around six million customers at its Australian branches.[7]

ANZ was the first bank in Australia to offerApple Payto its customers.[120]

Institutional banking

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ANZ is the largestinstitutional bankin Australia.[121]It provides financial services to institutional and corporate customers in Australia and the Asia-Pacific. As of 2019, ANZ has around 7,000 institutional and corporate customers, with a total lending of A$165 billion.[122]

ANZ is committed tosustainable financefor institutional customers transitioning to alow-carbon economy.As of 2021, ANZ has concluded around A$22 billion worth of sustainable finance transactions.[121]In June 2021, ANZ closed Australia's firstsustainability-linked bond(SLB) in the domestic debt market.[123]In August 2021, ANZ launched sustainability-linked derivatives (SLD) in Australia, Hong Kong, Singapore and Japan.[123]

Asia-Pacific

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Former ANZ branch inWellington,New Zealand

ANZ is one of the leading Australianbanksin the Asia-Pacific region. It has been aggressive in its expansion into theemerging marketsof China,VietnamandIndonesia.ANZ is also a leading bank in New Zealand as well as several Pacific Island Nations where it competes in many markets with fellow Australian bankWestpac.ANZ's arm in New Zealand is operated through a subsidiary company, ANZ National Bank, from 2003 to 2012, when it changed byANZ Bank New Zealandupon merging the ANZ andNational Bankbrands.

In March 2005, it formed a strategic alliance with Vietnam's Sacombank involving an acquisition of 10% of Sacombank'sshare capital.As part of the strategic alliance, ANZ will providetechnical assistancein the areas ofrisk managementand retail andsmall businessbanking.

ANZ has followed a similarstrategyin China, where it acquired a 20% share in Tianjin City Commercial Bank in July 2006. It also negotiated a similar deal with Shanghai Rural Commercial Bank.

In August 2009, ANZ purchasedRBS's retail units in Taiwan, Singapore, Indonesia and Hong Kong, as well as RBS's banking businesses in Taiwan, the Philippines and Vietnam. It was purchased for the price of A$687 million. Because of the acquisition, ANZ became an atm5 member in Singapore.

As of September 2012, the company had a total of 1,337 branches worldwide.[124]

In 2016, ANZ adopted a less aggressive approach to expansion in the Asia-Pacific region after low returns.[125][126][127]At the end of October 2016, ANZ announced the sale of its entire Asian retail and wealth management operations toDBS Bank;ANZ also signalled a withdrawal from its "Asian pivot".[128]

In 2020, as tensions between the US and China escalated, CEO Shayne Elliot acknowledged that the conflict had “raised the risk profile” of the bank's China investments, and said that the bank could further pull back from the country.[129]

Offices

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In September 2006, plans were unveiled for ANZ's world headquarters to be located in Melbourne'sDocklandsprecinct. The complex features a vast low rise office building, shops, car and bicycle parking facilities. The complex enables 6,500 ANZ staff to work in one integrated area. The building, located at 833 Collins Street, is the largest office complex in Australia at 84,500 square metres (910,000 sq ft) net lettable area, with 130,000 square metres (1,400,000 sq ft)gross floor area,and an accredited Six-Green StarBuilding. Construction commenced in late 2006 and the building opened in late 2009. Designed by HASSELL and Lend Lease Design, the building faces theYarra River.[citation needed]In 2006, it was expected that it would costA$478 million to build the new headquarters,[130]however costedA$750 million by the time it was complete in 2009.[131]The building was one of the winners at the 2010World Architecture Festivalin the category "Interiors and Fit Out of the Year".[132]

In 2016 ANZ announced that it would sell its former Melbourne global headquarters, located at the junction of 100 Queen Street, and 380 Collins Street, Melbourne, calledVerdon Chambersand more commonly known as the Gothic Bank.[133]The former bank building was purpose built as the head office of the English, Scottish & Australian Bank (a predecessor of the current ANZ Banking Group).[133]The building was acquired in December 2016 byThe GPT GroupforA$275.4 million.[134]

TheANZ Bank Centrein Sydney includes ANZ as its major tenant. The office building was designed byFrancis-Jones Morehen Thorpand was completed in April 2013.[135]

Marketing

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Advertising

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ANZ formerly heldnaming rightstoStadium Australiawhere it was known as ANZ Stadium

In 2005, an advertisement included two famousrobots:Lost in Spacerobot, and aDalekfromDoctor Who,although the Dalek was replaced in subsequent versions of the ad.[136]In 2006, the company started a TVcampaignwith a series of ads featuring their new mascot – the Falcon, a bird trained to stopcredit cardthieves, illustrating the company's measures in prevention ofcredit card fraud.[137][138]In April 2024 this marketing strategy was relaunched.[138]

In 2010, ANZ ran an ad campaign parodying common banking scenarios with a fictional character known as 'Barbara who lives in Bank World', a middle-aged, rude, sarcastic and unhelpful bank manager. The adverts have received acclaim for wit and humour, but also criticism for stereotyping bank managers. Barbara is portrayed by Australian comedianGenevieve Morris.[139]In 2010, ANZ spent $195 million in Australia on advertising.[140]In 2011, a series of ads were fronted bySimon Baker,the star of the American television showThe Mentalist.According to a 2014 top 20 list of advertising spends, ANZ was in the top 20.[141]In 2016, ANZ New Zealand had the highest spend of any bank.[140]One third of ANZ's spend on media is said to be digital.[142]

Sponsorship

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In 2014, ANZ renewed its sponsorship with theAustralian Openfor a further five years.[143]In 2015, ANZ held a campaign in sync with theSydney Gay and Lesbian Mardi Gras.[144]

Symbols

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Logos

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ANZ has had a number of different logos throughout its history. Its current logo was designed byM&C Saatchi,and was introduced in 2009 to coincide with ANZ's ambition to be a major regional bank in the Asia Pacific.[145]The 2009 logo introduces a stylised three-petaled lotus which represents the trinity of Australia, New Zealand and Asia Pacific, the three core markets of ANZ. The central human shape represents its customers and its people.[145][146]

  • 2001–2009
  • 2009–present

Seals

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  • 1951–1970

Coat of arms

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Coat of arms of the Australia and New Zealand Banking Group
Notes
The arms of the Australia and New Zealand Banking Group comprise:[147][148]
Adopted
1990
Crest
Upon a wreath of the colours an antelope and a unicorn both armed and crined Or and gorged with a collar Gules supporting saltirewise a key Gold and a sword Proper quillons hilt and pommel Gold.
Helm
A closed Helmet, mantling Azure doubled Or.
Escutcheon
Per pale Azure and Or a pile couped and per pale its point on a mound issuing in base also per pale eight roundels and as many billets in circle all counterchanged.
Supporters
On the dexter side a kangaroo Or and on the sinister side a kiwi Azure beaked and legged Gold.
Compartment
Desert and grass proper.
Motto
Tenacious of Purpose
Badge
Four mullets crosswise each of six points Argent dimidiating a like mullet Gules fimbriated Argent between them in circle a plate between two bezants.
Symbolism
The shield is divided in the centre in an allusion to the Bank's principal operations in Australia and New Zealand. This reference is repeated by the supporters of the shield (Kiwi representing NZ; Kangaroo representing Australia). The supporters stand on field of grass and desert, a reference to the pastoral, mineral and other industries served by the bank. The balanced triangular figure (the 'pile') in the shield denotes the importance of maintaining the confidence of the public, depositors and shareholders in banking. Its circular design of bezants and billets symbolise coins, notes, cheques and other paper which circulate through the banking system. The crest symbolises the defence of depositors', customers' and shareholders' interests and security. The crest is placed on the traditional wreath and helm of a corporation and features.[149]The antelope and unicorn on the crest are taken from the supporters of the 1960 arms, and the first letters of which represent the formerAustralasia andUnion banks. The motto, "Tenacious of Purpose", is a translation of the Latin motto granted to the ANZ Bank in 1960 which was the family motto of the bank's first chairman, Sir Geoffrey Gibbs.[150]
Previous versions
Arms granted to Australia and New Zealand Bank Ltd on 6 September 1960.Escutcheon:Chequy Or and Azure, on a Chief Gold three Mullets of eight points also Azure.Crest:On a Wreath of the Colours a three-masted Ship proper, sails set Azure, each charged with a Mullet of eight points Or, the Pennons and Flag flying Gules.Supporters:On the dexter side an Heraldic Antelope Argent, attired and crined Or, and on the sinister side a Unicorn also Argent, armed and crined Gold, both collared Gules.Motto:Latin:Tenax Propositi.[151][152]

Controversies

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Manipulation of benchmark interest rates and other key metrics

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In 2016, ANZ and 10 of its traders were named as being the subject of legal proceedings for manipulation of the benchmark inter-bank interest rates in Australia; specifically theAustralian Securities & Investments Commission(ASIC) has made claims of unconscionable conduct and manipulation against ANZ.[153][154][155]ANZ has attempted to deny the claims and says it will defend the claim in court.[156]Formal filings of the originating process in these regards were made against ANZ on 4 March 2016.[157]Since that time ASIC has compounded their claim against the ANZ.[158]In a separate court appearance in November 2016 ANZ admitted to 10 instances of attempted cartel conduct regarding alleged manipulation of theMalaysian ringgit.[159]The wider market rigging case has been reported as likely lasting into 2018.[160]

Agriculture and child labour

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ANZ has been the subject of claims that it has backed agriculture and timber companies that engage in so called 'land grabs'.[161][162]In 2014, ANZ faced allegations that it funded a Cambodian sugar plantation that has involved child labour, military-backed land grabs, forced evictions and food shortages.[163][164]In February 2020, ANZ reached a compensation deal to around 1,000 Cambodian families in a land dispute related to a sugar company that ANZ funded, agreeing to pay "the profit it earned from the loan to the affected communities" of an undisclosed amount.[165]

Litigious approach

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ANZ has also been criticised in the Senate for its allegedly "hard boiled" approach to farmers exposed to the fallout from ANZ's purchase of the Landmark loan book.[166][167]One submission to the Senate inquiry into bank conduct mentioned one farmer self-immolating after alleged defaults occurring.[168]Another former customer in the Senate inquiry was mentioned as being subjected to victimisation by receivers and police, including use of SWAT teams and being held at gun-point.[168]In 2016 it was reported that ANZ was accused of racism in a high-profile court case involving the businessmanPankaj Oswaland his wife;[169]specifically it was reported that an email contained comments stating that, "We are dealing with Indians with no moral compass and an Indian woman [the wife of Mr. Oswal], as every bit as devious as PO (Pankaj Oswal)," and "This has been a very Indian characteristic transaction."[169][170]The ANZ agreed to a settlement for an undisclosed amount in respect of the legal claim made by the Oswals.[171]

Culture

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ANZ CEOShayne Elliottadmitted in 2016 that "culture" will be one of the biggest challenges for ANZ.[172]Media reports have included allegations of sexism, drug use and bravado culture.[173]In 2016, ANZ was pursued in court over its suggesting on social media that criticism of the bank's chief financial officer might have been sexist, which resulted in the broker at Bell Potter losing his job.[174][175]Former ANZ director John Dahlsen in 2016 admitted that there are issues with bank culture and competition.[176]In November 2016, there were further claims of sexist conduct and a separate lawsuit was filed against ANZ in the United States regarding staff at its New York office.[177][178]

Malaysian scandal

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In early 2016, ANZ was also mentioned in a scandal in Malaysia involving one of ANZ's subsidiaries and the Malaysian leader.[179]The incident has raised questions for ANZ.[180]ANZ admitted in November 2016 that it had little ability to control its affiliate.[181]

Misleading file notes presented to Victorian Supreme Court

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In 2016, there was an incident reported involving theFinancial Ombudsman Service (Australia),where theFinancial Ombudsman Servicepresented misleading file notes to theSupreme Court of Victoria,in the discovery phase of a case involving ANZ, to the benefit of ANZ's case.[182][183][184]The ANZ has not commented on the scandal as yet.

Out-sourcing of jobs

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ANZ has continued to out-source jobs in countries other than Australia and this has caused some controversy with some outlets.[185]ANZ have been progressively increasing work output from offshore offices. ANZ's Bangalore office has been operational since 1989, making it one of the first organisations to employ IT staff based in India. ANZ employs around 4,800 staff inBangalore, India.[186]1500 IT positions, 2000 positions in Payments and Institutional Operations and International and High Value Services and 1300 positions in Operations Personal Banking have been shifted from Melbourne to India. In 2006, ANZ predicted that by 2010, over 2000 jobs would have been shifted from Australia to Bangalore.[187]In 2012, ANZ transferred 360 permanent staff from Melbourne and Bangalore to Capgemini. All these staff worked in the Technology Testing and Environment Space.[citation needed]As ANZ CIO Anne announced earlier that ANZ want a Hybrid model of technology in order to achieve the 2017 Technology roadmap.

Anti-competitive conduct

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Despite the ANZ taking advantage ofblock-chaintechnology[188]the ANZ had blocked businesses making use ofBitcoin.The ANZ and others were investigated by theAustralian Competition & Consumer Commissionand cleared of colluding with other banks on the issue ofBitcoinbased business.[189]

Alleged discrimination

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In September 2020, ANZ was accused of discrimination by Australian cryptocurrency exchanger Allan Flynn before theACT Civil and Administrative Tribunal.The dispute is the first human rights action brought by a Bitcoin trader against a bank alleging discrimination on the basis of Flynn's "profession, trade, occupation, or calling" in violation of the Australian Capital Territory's anti-discrimination legislation.[190]Flynn alleges ANZ denied him banking services on the basis of his occupation as a cryptocurrency exchanger by closing his and his brother's bank accounts and contacting another bank about his Bitcoin trading, allegedly causing the other bank to similarly deny him service.[191]Interlocutory orders were made by the Tribunal in June 2021.[192]The matter between Flynn and the bank was settled in October 2021 with ANZ admitting in a statement that had de-banked Flynn because he operated Bitcoin trading service, and that it could (subject to their defences) amount to discrimination, but that they believed doing so was necessary to mitigate exposure to regulatory risk.[193]Flynn maintains, despite the settlement requiring him to withdraw the action, that ANZ's actions were unlawful.[194]

Panama Papers

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ANZ was reported as appearing in 7,548 of the Mossack Fonseca documents in thePanama Papers,reflecting the bank's extensive work inNew Zealand,theCook Islands,SamoaandJersey.[195]

Criminal cartel charges

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On 1 June 2018, the Australian Competition & Consumer Commission (ACCC) announced that criminal cartel charges are expected to be laid by the Commonwealth Director of Public Prosecutions (CDPP) against ANZ Bank, its Group Treasurer Rick Moscati, along with Deutsche Bank, Citigroup and a number of individuals.[196][197]The charges concern a $2.5 billion ANZ capital raising that took place in August 2015.[198]In July 2020 committal proceedings were completed in the case,[199]which may last into 2022.[198]

Hayne Royal Commission

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TheRoyal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry,also known as the Hayne Royal Commission, was aRoyal Commissionestablished on 14 December 2017 by theAustralian Governmentto inquire into and report on misconduct in the banking,superannuation,andfinancial servicesindustry. The establishment of the commission followed revelations in the media of a culture of greed within several Australian financial institutions.[200]A subsequent parliamentary inquiry recommended a royal commission, noting the lack of regulatory intervention by the relevant government authorities,[201]and later revelations that financial institutions were involved inmoney launderingfor drug syndicates, turned a blind eye to terrorism financing, and ignored statutory reporting responsibilities[202]and impropriety in foreign exchange trading.[203]

ANZ was also implicated in the bank bill swap rate scandal[204]and settled with ASIC prior to the commencement of legal proceedings.[205]

Defamation case

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In July 2020 Bogac Ozdemir, a former employee of ANZ, filed a civil action against the bank at a New York court. Ozdemir claims that statements made by the bank about him were defamatory, and is seeking damages of US$20 million.[206]

Document Dumping

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In 2023, confidential banking documents were found in a bin close to the ANZ branch in Armadale. The documents included names, addresses, and account numbers of customers with the branch.[207]

See also

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References

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  1. ^abcdef2024 Annual Report(PDF)(Report). Australia and New Zealand Banking Group Limited.Retrieved14 November2024.
  2. ^"ASX Top 200 Comapnies".ASX 200.Australian Securities Exchange.28 April 2021. ASX 200 List (28 April 2021).Retrieved26 October2017– via asx200list.com.
  3. ^ab"50 years as a brand, 185 as a bank".Australia and New Zealand Banking Group Limited.Retrieved8 November2021.
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