ANZ - ANZ Banking Group

[divs4ever]

You might be right..
If Suncorp was purchased by a new entrant, an extension of regional bank: why not but i would bet each of Suncorp customer had easy access to one of the big 4 before, so i do not expect to see that takeover as a big win for anz .probably better $ value gained by this takeover by Bendigo as an alternative, or the other 3 majors who will share some of Suncorp customers.. without any of the costs

most of the smaller ( ASX-listed ) banks already have significant Queensland exposure ( BOQ of course , ABA through moistly central Queensland , MYS through The Rock building society , and BEN has some branches here as well )

i hold SUN , ABA , and MYS but who knows what the regulator is thinking

 

[TimeISmoney]

most of the smaller ( ASX-listed ) banks already have significant Queensland exposure ( BOQ of course , ABA through moistly central Queensland , MYS through The Rock building society , and BEN has some branches here as well )

i hold SUN , ABA , and MYS but who knows what the regulator is thinking

I'd imagine the loan books would go over to ANZ and a lot of the people wouldn't be able to refinance. I remember after Covid when residential investors were panicking because they reached their loan capacity with the big 4 and they went sniffing into all these smaller banks and that was when the IR was much lower.

 

[TimeISmoney]

Here we go, just goes to show you can never trust banks.

Trading Scandal Engulfs ANZ’s Markets Unit as CEO Starts Probe​

Chief Executive Officer Shayne Elliott and his key lieutenant Mark Whelan told staff Thursday that action will be taken if any evidence of wrongdoing is found after fresh allegations emerged of it inflating bond trading data. ANZ has hired external lawyers to help investigate the claims as well as to look into workplace culture in its markets unit, which falls under the Whelan-led institutional division.
At issue is whether or not ANZ overstated the value of government bonds that it traded in order to win more business on future sales. The Australian Securities and Investments Commission is already investigating the bank’s execution of a 10-year Treasury sale last year and its role as a risk manager.

 

[Dona Ferentes]

from the bondies...

Yesterday ANZ issued a 10-year tier 2 bond that happened to be the largest single tranche issuance in the AUD T2 market at a size of 1.9bn AUD. The book built in excess of 4.2bn so over 2x oversubscribed. Off the bat into grey the bond traded up 30-50cents however closed at ~ 100. Demand is very strong. The deal priced at +183bps or a coupon of 6.124 per cent

 

[TimeISmoney]

Don't forget ANZ has a buyback on, that's why the SP has jumped in the past few weeks.

 

[TimeISmoney]

Far out, that's got to be the biggest trashing of banks I've seen in a life time.

ANZ suspends traders for alleged misconduct amid markets probe​

Two ANZ traders have been suspended from the bank amid an internal investigation into misconduct within the company’s markets division.

The traders were also among those who worked on a $14 billion bond sale for the federal government in April last year, a transaction now the subject of inquiries from the Australian Securities and Investments Commission, which is investigating whether the market was manipulated.

Last week, The Australian Financial Review revealed that ANZ had inflated the volume of government bond trades that it reported to the Australian Office of Financial Management, by $55 billion over a 12-month period.





Red Alert, Red Alert.

Earlier this year, current and former employees of ANZ told the Financial Review that parts of the bank’s markets division continued to have an “old-school” culture that celebrated heavy drinking.

They said there had been several allegations levelled internally about cocaine use, for instance, although it is not clear whether any of these claims have been substantiated in subsequent internal inquiries.

Trading teams at some of the country’s big banks have previously been accused of inappropriate behaviour. A former ANZ employee alleged in 2016 that the bank tolerated a rampant culture of sex, drugs and alcohol on the dealing floor. At that time, Mr Elliott said the bank would not “tolerate unacceptable behaviour in any part of our business”

 

[mullokintyre]

ANZ down a bit like a few others.
Could it be because of the adverse publicity mentioned by timismoney?
Or is it because the market in general is down?
Of the the big four, WBC and CBA have risen to recent highs, whereas ANZ and NAB were down slightly.
Not to much to worry about at this stage.
Mick

 

[TimeISmoney]

ANZ down a bit like a few others.
Could it be because of the adverse publicity mentioned by timismoney?
Or is it because the market in general is down?
Of the the big four, WBC and CBA have risen to recent highs, whereas ANZ and NAB were down slightly.
Not to much to worry about at this stage.
Mick

I think it's just following the market trend at this stage and plus the buyback, the buyback has kept it trading a bit higher than it would normally be. I've bought and sold about 3 times in the last 2 months. If it drops back to a low $27 I'm buying again.

I think it's a solid stock, the only thing I don't like is that it's not a fully franked Div.

 

[Dona Ferentes]

things usually take this route. ... make an attractive introductory offer, get punters in, change (= lower) offer terms and rely on complacency to not switch to a better deal.
Also, in line with comments in Term Deposits thread, banks In general seem to be gearing up for another mortgage discount slugfest, with lower TD rates featuring to keep margins.
.
The ANZ Plus Save account, the one they hope to migrate Suncorp customers to, will drop from 4.95%.

And you have to be proactive and set up the new deal.

The way interest is earned on your ANZ Save account​

We’re replacing tiered interest with standard interest, (so the interest rate that applies won't depend on whether your balance is above or below $250,000).

You'll also have the opportunity to earn bonus interest if you meet the monthly savings target.

To meet the monthly savings target, you'll need to have grown your ANZ Save account balance by $100 or more (excluding any interest we pay) as at the last business day of the month.1

This means you could earn 5.00% p.a interest on your ANZ Save account made up of:

ANZ Save interest types​ Interest rate​ Standard 0.50% p.a. Bonus (if you meet the monthly savings target)1 4.50% p.a. Total: Standard + Bonus (if you meet the monthly savings target)1 5.00% p.a.

These rates may change. If this happens, we’ll let you know.

 

[mullokintyre]

I don't hold any of the banks, I hate banks with a passion, and don't want to encourage them.
However, I do have ANZ as one of my picks in the yearly comp.
It has done ok, but seems to struggle to push on through that 30 bucks barrier.
Failed again recently.
More than happy with the gain this year, but wary of falling arket sentiment.
Mick

 

[TimeISmoney]

APRA increases ANZ’s capital add-on to $750 million over non-financial risk management concerns​

The Australian Prudential Regulation Authority (APRA) has increased the capital add-on applied to Australia and New Zealand Banking Group (ANZ) to $750 million in response to heightened concerns about the bank’s non-financial risk management practices.

APRA has held longstanding concerns with ANZ’s non-financial risk management, and imposed a $500 million operational risk capital add-on to the bank in 2019 to reflect deficiencies in its risk governance.

This capital add-on has remained in place as the bank implemented a remediation program. Despite this program being in place for several years, APRA has yet to observe significant improvements in ANZ’s non-financial risk management.

More recently, several issues emerging in the bank’s Markets business have increased APRA’s concerns. ANZ has admitted that it misreported bond trading data to the Australian Office of Financial Management (AOFM) in 2022-23, and that action has been taken in response to poor behaviour by employees in its Markets business.

While ANZ has launched several investigations into these issues, they raise prudential concerns that ANZ has yet to adequately address deficiencies in controls, risk culture, governance and accountability.

In response, APRA will require ANZ to:

• hold an operational risk capital add-on of $750 million, representing an increase of $250 million to the existing add-on;
• appoint an independent party to review the root causes of recent issues and risk governance in the Markets business, and assess the potential impacts across the broader bank; and
• develop a remediation plan to address findings from the independent review.

The capital add-on will remain in place until such time as ANZ has delivered required remediation to APRA’s satisfaction.

APRA Chair John Lonsdale said he was concerned at the persistence of risk governance and culture issues within one of Australia’s largest banks.

“ANZ is financially sound with strong capital and liquidity levels. However, weaknesses in managing non-financial risk can lead to detrimental financial impacts and APRA has no tolerance for such weaknesses persisting.

“Of the major banks that had capital add-ons applied in 2019, ANZ is the only bank yet to have its add-on either removed or reduced. While the bank has implemented actions to improve its risk governance and culture over the past five years, these recent issues suggest there continues to be material gaps that need to be closed as a priority.

“We have communicated our clear expectations to the ANZ board and executive team that these issues must be urgently reviewed to ensure underlying drivers are identified and addressed. Depending on the outcomes from ANZ’s independent review, APRA will consider whether further action is required,” Mr Lonsdale said.

 

[mullokintyre]

ANZ in the yearly comp doing ok at up 18% for the year which I am not complaining.
My original thoughts was it was a defensive stock in case the market crashed during the year.
Might still happen yet.
Mick

 

[mullokintyre]

ANZ still in that upward channel.
One of my so called defensive stocks in case of a market meltdown.
Its still possible, but looking less likely as we approach the end of the year.
It would appear I am doomed to remain in the middle of the pack.
Mick

 

[Dona Ferentes]

.
83c dividend, 70 percent franked (down from 94c)

and reported rising arrears from higher interest rates. The number of loans that were more than 90 days overdue, but not yet formally impaired, rose by 47 per cent over the year to $4.2 billion.

 

[mullokintyre]

and reported rising arrears from higher interest rates. The number of loans that were more than 90 days overdue, but not yet formally impaired, rose by 47 per cent over the year to $4.2 billion.

That last bit is the one that bworries me.
As the higher interest rates see less and less sign of being reduced any time soon, the number of loans in stress or worse is only going to get into higher territory.
had to rescue one of my kids already as they blew what savings they had and maxed out the credit card.
Mick

 

[Dona Ferentes]

That last bit is the one that bworries me.
As the higher interest rates see less and less sign of being reduced any time soon, the number of loans in stress or worse is only going to get into higher territory.
had to rescue one of my kids already as they blew what savings they had and maxed out the credit card.
Mick

that's the worry,... can have all the stats like Aggregate Savings but the reality is that the pain point for many can only be held at bay for a while , and of course the slippery slope of more borrowing (at higher rates) only makes the hole deeper.

 

[Dona Ferentes]

new CEO after 9 years.

will be judged on how Suncorp acquisition is integrated

 

[dyna]

new CEO after 9 years.

 

[divs4ever]

was going to put this back on my shopping list IF shares plunged

but after that ann. i may wait longer and watch more closely