Australia's ANZ to refund 3.4 million accounts that 'need fixing'

SYDNEY: Australia and New Zealand Banking Group said on Tuesday it planned to refund owners of 3.4 million customer accounts for past wrongs but ruled out the need to raise new cash, as its board survived an investor vote over executive pay.

"We are paying customers back as fast as we can," ANZ Chief Executive Officer Shayne Elliott told shareholders, without updating the A$1.1 billion ANZ has previously said it expects to pay back to wronged customers. Elliott said the bank had identified 3.4 million retail and commercial accounts that"need fixing" and had so far paid back owners of more than one million of those accounts, at an average of A$60 per account. It did not say how many individual customers could expect a refund.The meeting was relatively calm compared to the AGM the previous week of No 2 lender Westpac, which is reeling from allegations it facilitated 23 million payments which breached money laundering laws.

Westpac, ANZ and NAB all had their executive pay voted down in 2018 amid the daily drumbeat of negative headlines arising from the powerful Royal Commission inquiry. NAB has its annual meeting on Wednesday.ANZ Chairman David Gonski told the meeting the company could meet rising capital requirements, particularly in New Zealand where it is the biggest bank, without the need to sell new stock.

Source: Financial Digest (financialdigest.net)

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