Kerry McDonald, one of New Zealand's most experienced company directors, said today's shock departure of ANZ's chief executive David Hisco raised questions about governance at the bank and said there needed to be a commission of inquiry into banking here.

McDonald, who was chairman of the Bank of NZ from 1996 to 2008, said New Zealand needed to look closely at banking in much the same way as Australia's Royal Commission, which exposed widespread wrongdoing in the sector there, did.

At the end of the inquiry, Australia's High Court justice and royal commissioner, Kenneth Hayne, said it was time to