ANZ group chief executive Shayne Elliott has threatened to review the "size, nature and operations" of the New Zealand business if the Reserve Bank implements its proposed changes to capital ratios, according to his submission released publicly today.

The capital changes would see ANZ Group reduce investment and reallocate resources away from New Zealand to more profitable businesses, Elliott says.

Shayne Elliott, ANZ Group's chief executive, has threatened to cut back ANZ's footprint in NZ in response to the Reserve Bank's capital ratios changes. Photo / Michael Craig.
Shayne Elliott, ANZ Group's chief executive, has threatened to cut back ANZ's footprint in NZ in response to the Reserve Bank's capital ratios changes. Photo / Michael Craig.

"This may also lead the New Zealand business to reduce operational costs (including employee costs)."

It may also require ANZ Group to "dispose, or cease operation, of the relevant underperforming New Zealand assets or businesses".

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Another possibility was that some

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