ANZ Agrees to A$240 Million in Penalties to Settle Australian Markets, Retail Matters

By David Winning

SYDNEY--ANZ Group said it would pay penalties totaling 240 million Australian dollars (US$160 million) as part of a deal to settle five matters within its Australian Markets and Retail businesses that were the focus of a regulatory probe.

ANZ said the settlement with the Australian Securities and Investments Commission requires approval from Australia's Federal Court.

The biggest penalty of A$85 million relates to ANZ's role as duration manager in the execution of a 2023 government bond issue. ANZ said it believes no loss was caused to the Australian Office of Financial Management from its trading as duration manager, but it has offered to pay the revenue earned as a goodwill gesture.

Some of the other penalties relate to a failure to pay acquisition bonus interest to customers on certain Online Saver accounts and breaches of obligations concerning deceased estates, the bank said.

"The failings outlined are simply not good enough they reinforce the case for change," said new Chief Executive Nuno Matos.

ANZ also said it would submit its Root Cause Remediation Plan to the Australian Prudential Regulation Authority at the end of this month. It expects to spend around A$150 million on implementing the plan during the 2026 fiscal year.

"This will be funded by de-prioritizing other initiatives," ANZ said.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

September 14, 2025 18:12 ET (22:12 GMT)