ANZ Bank raises Australian remediation costs for 2019 to A$682 million

Tue, 08 Oct 2019

ANZ Bank, the Australia-based parent of New Zealand's largest bank, says its annual results will be hit by an A$559 million after-tax charge to cover the costs of remediating over-charging and mis-selling products to its customers.The bank is also warning there may be ongoing costs from problems it has yet to uncover."Within continuing operations, remediation charges recognized in the second half of 2019 will be A$405 million after tax, – A$485 million before tax – largely related to product reviews in Australia retail and commercial for fee an...

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