Deputy Prime Minister Winston Peters is gunning for the wrong scalp when it comes to claims of a conflict of interest between the bank's New Zealand board and the parent board based in Melbourne.

On Monday's Q&A programme on TVNZ, Peters called on Sir John Key, who chairs ANZ Bank (NZ) to resign and said, "it's wrong that Mr Key can be head of the ANZ in New Zealand and sit on the Australian equivalent as well".

It should be pointed out that Key is not the only chair of one of the "Big Four" Australian banks domiciled here