Team up to run regional banks, ANZ boss tells rivals
Zac de Silva and Grace Crivellaro |
The boss of ANZ has suggested rival banks should team up to offer joint branches in regional Australia, while also offering an unreserved apology for widespread misconduct.
Amid a slew of regional bank branch closures over the last decade, chief executive Nuno Matos said access to financial services was “crucial”.
The banking industry has agreed not to close any additional sites in regional Australia until at least mid-2027, and the ANZ boss said a plan is needed to be developed for the following years.
“Solutions like remote ATMs should be further explored,” he told a parliamentary inquiry into the big four banks.
“Solutions like banking hubs, which basically are multi-bank branches, should be explored.”
Mr Matos was also forced to defend his company’s conduct after it was slapped for a record $240 million penalty for bungling a bond sale and ripping off customers
The corporate regulator says ANZ potentially cost the government $26 million by incorrectly reporting bond trading data while managing a major government deal, while also failing to respond to customer hardship notices, making false statements about savings interest rates and failing to refund fees charged to dead customers.
Mr Matos said the failings were partly driven by a “good news culture” and a lack of self awareness at the institution.
“The bank fell short of what is expected of us, and for that, I offer an unreserved apology,” Mr Matos told a parliamentary inquiry into the big four banks on Wednesday.
The company maintained the government lost nothing in the bond sale and said while ANZ breached some of its licensing obligations, it was not accused of market manipulation or over-hedging.
ANZ also announced in 2025 it is slashing its workforce by eight per cent across its institutional and retail divisions.
Mr Matos, who only joined the bank in May, said cultural change was needed to prevent the saga happening again.
“We need to be more decisive and taking decisions today and not postpone it for tomorrow,” he said.
“We need to be more self-aware of the things we don’t do well.
“We need to execute on time and be accountable.”
National Australia Bank chief executive Andrew Irvine will also appear before the committee after Commonwealth and Westpac bosses were grilled.
AAP
