ANZ Bank agrees to $19M settlement over sale of interest rate swaps to farmers

Tue, 02 Dec 2014

By Jonathan Underhill Dec. 3 (BusinessDesk) - ANZ Bank New Zealand has agreed to a $19 million settlement with the Commerce Commission after an investigation into the marketing and sale of interest rate swaps to rural customers between 2005 and 2009. Under the settlement the local unit of Australia & New Zealand Banking Group will establish an $18.5 million fund to pay affected rural customers and pay $500,000 toward the regulator's investigation costs and a donation to rural charities. Investigations are continuing into Westpac Banking C...

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