ANZ is sticking to its guns and refusing to disclose more information about the luxury house it sold to the wife of former chief executive David Hisco who has been ousted over an expenses scandal.

It emerged on Friday that a St Heliers mansion was purchased by ANZ New Zealand owned subsidiary company, Arawata Assets, in 2011 for $7.5 million.

Despite a booming property market over the next six years the property was on-sold to Hisco's wife Deborah Veronica Walsh in July 2017 for just $6.9 million.

As of July 1 2017 the property at 269 St Heliers Bay Rd had a Rating Valuation of $10.75 million, according to Corelogic.


Pressed for detail about the transaction and the valuation, ANZ dug its heels in, maintaining the issue was an "employment" matter as the bank bought the house when Hisco arrived in New Zealand.

"We have made all disclosures over David's employment arrangements that we are legally obliged to," a spokesman for the bank said.

"This remains an employment matter, and while we've been open about the circumstances of David's departure from ANZ, it isn't appropriate to discuss his personal employment arrangements in any further detail."

Hisco, who earned more than $3 million last year, left his job under a cloud relating to his expenses - including the use of chauffeur-driven cars and private wine storage.

He could not be reached for comment.

Companies office records show that Hisco's replacement, now-acting chief executive Antonia Watson, was a director of Arawata Assets at the time of the sale.

ANZ announced last Monday that Hisco would be departing his job immediately following an investigation which alleged he "mis-characterised" certain personal expenses as business expenses.