ANZ disagrees with Financial Market Authority report
ANZ says it disagrees with the findings of a Financial Market Authority report
22 August 2019
The FMA has ruled the bank should have disclosed the sale of an Auckland property, to the wife of former CEO, David Hisco.
© 2019 Newstalk ZB, NZCity
Hisco's family lived at the the St Heliers Bay Road property, which an ANZ subsidiary bought in 2011, and on sold in 2017.
The FMA says the sale should have been disclosed as a related party transaction in its financial statements.
But an ANZ spokesperson says an external auditor reached a different conclusion.
It says it considers the transaction not to be material information.