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RETAIL BANKING | Staff Reporter, Australia

Embattled ANZ faces criminal cartel charges

The bank is grappling with a $2.3b share issue alongside underwriters Deutsche and Citigroup.

Reuters reports that embattled Australia and New Zealand Banking Group (ANZ) is facing criminal cartel changes over a $2.3b share issue along with underwriters Deutsche Bank and Citigroup.

The Australian Competition and Consumer Commission (ACCC) has announced that its federal prosecutors would charge ANZ, its Treasurer Rick Moscati, two other unidentified companies and several more unnamed individuals over a 2015 stock placement.

Also read: ANZ disposes another Asian asset in Cambodian JV stake sale

The case deals another heavy blow to the Australian lender who’s still reeling after an ongoing probe surfaced widespread misconduct in the financial services sector, prompting the bank to scrap the bonuses of financial planners selling the company’s products as part of initial reforms to its business practices.

Here’s more from Reuters:

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