Westpac says it recognises it has to mend its ways

Westpac NZ boss David McLean.

Wed, 24 Mar 2021

Westpac NZ said it recognises it needs to do more work to improve risk governance and it supports the additional oversight that two independent reports will provide.The Reserve Bank of New Zealand (RBNZ) has ordered the Australian-owned bank to commission the two reports, one on Westpac NZ's risk governance processes and practices and the other to provide assurance that the steps Westpac NZ has taken are effective.The order from the banking regulator follows Westpac NZ's failure to comply with the RBNZ's liquidity reporting requirem...

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