No. of Recommendations: 1
In the interest of diversification I've been exploring other markets and ANZ holdings, a New Zealand bank, came up. Been around since the colony was founded in one form or another. Several recent purchases of other NZ banks and currently holds ~30% market share. Decent dividend if you like that sort of thing. They've gotten themselves in hot water for their capital requirements. From the wiki page:
A Deloitte review found that "a historically complacent approach, the absence of a comprehensive compliance plan, diffused accountability and inadequate assurance processes, all contributed to the operational risk capital breach not being identified for more than five years". Huh. They seem to have a bad reputation with their customers (e.g. higher floating mortgage rate than thier competion) which may be good for stockholders?
Anyone have eyes on this one?
Rgds,
HH/Sean
