ANZ has started dropping customers that don't live up to its values ahead of the Royal Commission

Customers have been axed. Photo: iStock.

Following the announcement of the Royal Commission into the banks, ANZ has begun dropping customers that don’t live up to its values.

In a podcast released on Sunday night, ANZ Bank chief Shayne Elliott said the bank had already stopped working with some customers, though he did not specify which customers were axed.

“We have been making real decisions about that, changing who we bank (with), exiting customers… that we don’t feel share our values around this,” he said.

In November, Prime Minister Malcolm Turnbull announced a wide-ranging investigation into the conduct of banks, insurers, financial services providers and superannuation funds, with the inquiry expected to get under way in February 2018.

Elliott acknowledged that while he doesn’t think a Royal Commission is necessary, “we understand there’s that community kind of desire”.

“We are prepared to be accountable for what we’ve done in the past, and what we’re doing now and in the future.

“We don’t have anything to hide.”

Scrutiny may fall on ANZ’s treatment of some rural customers, and its links to Timbercorp, one of the Managed Investment Schemes that collapsed around the time of the GFC.

Elliott’s comments come ahead of the bank’s annual general meeting this week.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at