ANZ Agrees to Pay $160M Penalties to Settle Australian Markets, Retail Probes

ANZ Group has agreed to pay penalties totaling $160 million to settle five regulatory matters involving its Australian Markets and Retail businesses, subject to approval by Australia's federal court. The penalties address issues including ANZ's role as duration manager in a 2023 issuance of 10-year Treasury Bonds, submission of inaccurate bond turnover data, failure to pay acquisition bonus interest on certain Online Saver accounts, mishandling of customer hardship notices, and breaches related to deceased estates. ANZ's Chairman, Paul O'Sullivan, acknowledged the bank's mistakes and apologized for the impact on customers, emphasizing that accountable executives have been held responsible. CEO Nuno Matos reinforced the need for measurable improvements to better protect customers and ensure a sustainable business. ASIC clarified that ANZ did not engage in market manipulation or over-hedging while acting as the duration manager. This settlement aims to provide regulatory certainty and remediation following separate investigations into ANZ's practices.