The ANZ bank expects the leg bill and other costs of its response to the financial services royal commission to be about $50 million this financial year.
These costs reached $16 million in the first six months of 2018.
The details were revealed in the bank’s guide to its half year results to be announced on May 1.
“ANZ is committed to engaging with the inquiry in an open, constructive and transparent manner,” the company said.
“ANZ is unable to predict the outcome of the inquiry or its impact on the bank or broader industry.”
Today the royal commission was told that the ANZ Bank’s count of poor financial advice to customers is now in the thousands.
The bank late last year sold off its pensions and investments businesses to IOOF for $975 million.
The sale of the wealth arm, OnePath pensions and investments, fits with the bank’s strategy to focus more on retail and business banking in Australia and New Zealand, and institutional banking supporting client trade and capital flows across the region.
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