ANZ awarded Asian Banker gongs

Magazine's awards for ANZ NZ and its CEO David Hisco recognise success in merging the ANZ and National banks, including move to one IT platform

24th Apr 13, 1:40pm by Gareth Vaughan

ANZ New Zealand and its CEO David Hisco have received recognition overseas in part due to the successful shift of the ANZ and National banks onto one IT platform and the culling of the National Bank brand.

The Asian Banker magazine awarded Hisco its CEO Leadership Achievement Award for New Zealand at an awards ceremony in Jakarta, ANZ says, with ANZ itself named New Zealand’s best managed bank. The leadership achievement gong is dished out every three years, allowing time for strategy to be implemented and judged.

The award recognises ANZ’s business performance and support for customers in the wake of the Global Financial Crisis, plus the merger of the ANZ and National Bank brands, including putting both on one IT platform through one of the biggest IT projects in New Zealand’s history with little disruption to customers. It also noted ANZ grew market share in both deposits and lending in its first quarter post last September's announcement of the phase out of the National Bank brand.

ANZ says its response to the Canterbury earthquakes, including support of both staff and customers, was also noted.

"It gives me great pleasure to accept these awards which truly belong to all of ANZ’s staff throughout New Zealand and across our brands," Hisco said in a statement. "This recognition is testament to their hard work, commitment and belief in what they do in the face of historic challenges."

“These have been momentous times for ANZ New Zealand and our people have repeatedly risen to the challenge and achieved so much as we progress on our journey to be No. 1 in customer service and establish ANZ as New Zealand's best bank.”

Hisco replaced Jenny Fagg as ANZ's CEO in September 2010.

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8 Comments

by Stephen Hulme | 25th Apr 13, 9:08am 1366837700

In view of the pending introduction of OBR could ANZ enlighten the depositor funding backbone of the curious but as yet unexplained risks associated with the derivative positions set out in Note 11 document pages 25 -26 in the the last annual disclose statement.

by moa man | 25th Apr 13, 9:29am 1366838950

But Stephen there must be hundreds of thousands of ANZ customers who can answer your question.

After all, the RBNZ says with the OBR policy, it is up to depositors to judge the financial status of thier Bank.

Pop down to McDonalds and ask the till jockey there about ANZ's Foreign Exchange Swap Agreements, betcha he knows all about it.

by moa man | 26th Apr 13, 8:58am 1366923539

Of course our minimum wage burger flipper has also considered the Westpac 2012 Annual report and decided that after investigating note 1 of the Outlook section of the report ...

All data and opinions under ‘Outlook’ are generated by our internal economists and management.

... that the statement wasn't compatible with Basel III capital requirements and so ANZ is suitable for the direct credit of his wages. He has also conducted due diligence of his bank of choice after also fully reading BNZ and ASB discloures.

Mr B Flipper is now fully compliant with RBNZ OBR policy.

Asked for comment on ASB derivative postions, Mr Flipper replied 'buggered if i know, do you want fries with that?'

by Stephen Hulme | 26th Apr 13, 11:48pm 1366976922

Asked for comment on ASB derivative postions, Mr Flipper replied 'buggered if i know, do you want fries with that?'

I wonder what opinion would be forthcoming in respect of this tawdry outrage.

Monte dei Paschi (BMPS.MI) had to put up more than 2.8 billion euros ($3.65 billion) by way of collateral for two loss-making derivatives trades at the center of an investigation of alleged fraud at Italy's third-biggest lender.

by iconoclast | 27th Apr 13, 12:19am 1366978756

Stephen Hulme: opinion? you want an opinion? strewth .. look at this .. 5 years into the GFC and the "dear leaders" are so memserised by the bankers they are still bankrolling their gambling debts .. and the bankers continue to gamble .. Monte dei Paschi received state aid of 4 billion euros in February 2013 to plug a capital shortfall caused by derivative deals gone bad

Is that banking? or is that banking?

by Andrewj | 25th Apr 13, 9:33am 1366839182

Don't worry, when the SHTF the Chinese will buy them, that way we become an economic dependent of China, like our farmers are, with %70 of sheep sales, %99 of our wool and %70 of dairy all ending up in China.

Our future is a financial takeover by China, who needs guns when you prey is run by idiots.

by iconoclast | 27th Apr 13, 12:21am 1366978893

Dont you worry none .. King-Jon-Um will tut-tut and all will be forgotten

by Stephen Hulme | 30th Apr 13, 9:19am 1367270372

My comment, as of 25 Apr 13, 9:08am, garnered little response from those charged with the responsibility of maintaining the health of the nation's unsecured deposit base.

Here we go again, just as a reminder:

Notably, Deutsche Bank has just announced a $72.8 trillion notional derivatives exposure.

And as yet not much of an explantion from them either.

But the comment from this ZH article captures the denied risk:

The good news for Deutsche Bank's accountants and shareholders, and for Germany's spinmasters, is that through the magic of netting, this number collapses into €776.7 billion in positive market value exposure (assets), and €756.4 billion in negative market value exposure (liabilities), both of which are the single largest asset and liability line item in the firm's €2 trillion balance sheet mind you, and subsequently collapses even further into a "tidy little package" number of just €20.3.

Of course, this works in theory, however in practice the theory falls apart the second there is discontinuity in the collateral chain as we have shown repeatedly in thh past, and not only does the €20.3 billion number promptly cease to represent anything real, but the netted derivative exposure even promptlier become the gross number, somewhere north of $70 trillion.

Which, of course, is the primary reason why Germany, theatrically kicking and screaming for the past four years, has done everything in its power, even "yielding" to the ECB, to make sure there is no domino-like collapse of European banks, which would most certainly precipitate just the kind of collateral chain breakage and net-to-gross conversion that is what causes Anshu Jain, and every other bank CEO, to wake up drenched in sweat every night.