ANZ predicts $50m Royal Commission costs
The ANZ banking group has revealed it expects to spend in the order of $50 million in legal and other costs relating to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
In an update announced to the Australian Securities Exchange (ASX) today, the big banking group said that the costs already stood at $16 million for the first half of the current financial year.
The update said ANZ was committed to engaging with the Inquiry “in an open, constructive and transparent manner”.
“ANZ is unable to predict the outcome of the inquiry or its impact on the bank or broader industry,” the ASX announcement said.
ANZ representatives are continuing to give testimony before the Royal Commission today.
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