ANZ CEO to head internal probe

The chief executive of ANZ Group, Mike Smith, will personally lead a review of his bank’s involvement with Opes Prime.

Smith’s leadership of the review was announced to the Australian Securities Exchange this afternoon, and he will be assisted by the managing director of Esanda, David Hisco, and the group’s head of risk, Chris Page, who recently joined from HSBC.

The review will examine the oversight and control of ANZ’s involvement in securities lending and the development and management of ANZ’s client relationships, including with Opes Prime group.

The review will also examine whether any employees breached ANZ’s internal policies, procedures and ethical standards in securities lending and in dealings associated with clients including the Opes Prime Group, compliance with Australian law and regulation in securities lending and “all necessary remedial actions to address the issues which are identified”.

Commenting on the move, Smith said the review would look at ANZ’s involvement in the securities lending business and the events surrounding the Opes Prime issue “to ensure all our processes and practices meet the highest ethical, risk management and regulatory compliance standards which our shareholders and the community expect of ANZ”.

He said he intended to report the findings publicly.