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ANZ Bank has confirmed that it is the subject of a formal investigation by Australia's corporate regulator. The inquiry revolves around the bank's role in issuing a 10-year Treasury bond last year, which the Australian Office of Financial Management (AOFM) oversaw.
Financial Review reported that the investigation, spearheaded by the Australian Securities and Investments Commission (ASIC), examines possible breaches of the ASIC Act and the Corporations Act.
Details of the Investigation
The probe was initiated following a report by The Financial Review, which highlighted concerns regarding potential manipulation in the government debt sale process. The AOFM initially brought these concerns to light and expressed dissatisfaction with ANZ's handling of the matter.
Despite ASIC's lack of detailed commentary, the ongoing nature of the investigation has been confirmed, raising questions about the specific offenses under scrutiny and the investigation's current stage.
Market Impact and ANZ's Response
According to Reuters, news of the investigation has impacted ANZ's shares, which saw a dip on Monday. The bank acknowledges the seriousness of the allegations and has pledged full cooperation with ASIC in its investigation.
Notably, ANZ is a key player in the Australian debt issuance market, ranking as the third most-used adviser for government debt securities.
Broader Concerns
This investigation into ANZ comes when ASIC has expressed broader concerns over conduct in wholesale fixed-income markets, mainly focusing on major banks' management of key conduct risks.
Between 2019 and 2022, ASIC's review of major fixed-income market dealers, including ANZ, highlighted several "poor practices," such as inadequate risk identification and control, lack of staff guidance, and insufficient monitoring systems.
Historical Context
This is not the first time Australian banks have faced regulatory scrutiny. Past investigations have targeted practices around the benchmark bank bill swap rate (BBSW), with ANZ and other major banks receiving penalties for attempts to engage in unconscionable conduct.
Photo: ANZ Newsroom
