The boss of ANZ leaves under the clouds

ANZ Bank's local operations manager left after an investigation into his expenses.

David Hisco.
Photo: Photosport

Last month, the bank announced that its chief executive, David Hisco, was taking extended leave for health reasons.

However, he added that today, in addition to the health problems, the board of directors was concerned about certain transactions after reviewing Mr. Hisco's personal expenses.

"We are disappointed that David is leaving the ANZ in such circumstances after such a long career, however, his departure is good in these circumstances, given the expectations we have of all our people, regardless of their age. . " Sir John Key, chairman of the board of directors said in a statement.

"Although Mr. Hisco does not accept all of the concerns expressed by the board, he accepts responsibility for his leadership position and recognizes that the characterization of expenses does not meet the required standards."

No details were given about the concerns about the expenses.

Mr. Hisco will receive his contractual and statutory rights of notice and untaken leave, but will lose any stock option.

Antonia Watson, a senior executive, will head the New Zealand operations in the meantime and look for a permanent replacement.

Bank regulators in New Zealand and Australia have been notified.