ANZ Bank

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.

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.

Digicel Tonga and ANZ Bank sponsor the 26th Tonga Billfish Tournament

The tournament started yesterday, 7th September and ends on 13th September. 

The opening of the tournament was welcomed by overseas participants to this one-week tournament.

A total of 9 boats were confirmed to be competing and 35 anglers ready to take on this year’s competition.

It’s surprising to see two (2) overseas boats in from New Zealand & Samoa to participate in the tournament and also meet & greet with the local anglers.