ANZ Bank to review involvement in securities lending, collapse of Opes Prime
By Lyndal McFarland Last update: 6:23 a.m. EDT April 14, 2008 SYDNEY (MarketWatch) -- Australia and New Zealand Banking Group Ltd. (ANZ.AU) Chief Executive Mike Smith said Monday he will lead a review of the group's involvement in securities lending and the collapse of Opes Prime Group Ltd. "We will review our involvement in the securities lending business and the events surrounding the Opes Prime issue to ensure that all our processes and practices meet the highest ethical, risk management and regulatory compliance standards which our shareholders and the community expect of ANZ," Smith said in a statement.
"The review will examine what has transpired, the accountability that ANZ and individual staff members might have for what has occurred, and a remedial program to swiftly address all the issues we identify," he said. He said ANZ will continue to work with regulators on the issue and the bank plans to report publicly on the key conclusions of the review and any resulting remedial actions. -Contact: 201-938-5400
Comment
Smith Mike Smith announcing the decision to conduct a review
Note the below:
highest ethical, risk management and regulatory compliance standards which our shareholders and the community expect
What he didn't add , in this writers view...is he was dis-genuine
And would cynically drag the matter out as far as legally possible
Why not publish the full report Mr Smith mike smith
ANZ Price at posting:
$14.38 Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)