Printer Friendly

ANZ settles mis-selling case.

Global Banking News-December 4, 2014--ANZ settles mis-selling case

(C)2014 ENPublishing -

Global Banking News - 04 December 2014

ANZ New Zealand (NYSE: ANZ) has announced that it has settled a mis-selling case.

The bank said that it has settled an investigation into mis-selling of swaps agreements to farmers. It will pay NZD18.5m as compensation to a fund.

New Zealand's Commerce Commission and Financial Markets Authority (FMA) announced the settlement after it conducted more than two years of investigations into almost NZD5bn of swaps agreements issued between 2005 and 2009.

Farmers said that the bank marketed the swaps as similar to fixed rate agreements, but increased margins on top of underlying swap rates and charged break fees through 2008 and 2009.

[Editorial queries for this story should be sent to]

((Distributed via M2 Communications -

COPYRIGHT 2014 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2014 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:Dec 4, 2014
Previous Article:Czech Central Bank favours ECB easing.
Next Article:Kazakh central bank under no pressure to devalue currency.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters