ANZ's NZ CEO departs after expenses review

ANZ NZ chief executive David Hisco has left the bank after an internal review. (AAP)

ANZ NZ chief executive David Hisco has left the bank after an internal review raised concern among board members over his personal expenses.

ANZ's NZ chief executive has left the bank after an internal review raised concern among board members over his personal expenses.

ANZ on Monday said David Hisco had accepted that "characterisation of the expenses falls short of the standards required" and had been replaced as ANZ NZ CEO on an interim basis by Antonia Watson.

Mr Hisco rejected some of the board's concerns but has accepted accountability and forfeited all unvested equity rewards.

"We are disappointed David is leaving ANZ under such circumstances after such a long career, however his departure is the right one in these circumstances given the expectations we have of all our people, no matter how senior or junior," ANZ NZ chair Sir John Key said.

ANZ said Mr Hisco, who has been with the bank for more than 20 years, has also experienced ongoing health issues.

Previously boss of ANZ's retail and commercial banking units, Mr Hisco earned $3.5 million in the last full financial year.

Mr Hisco's exit follows a challenging period for ANZ's NZ unit, which he had led for nine years.

The Reserve Bank of New Zealand last month stripped ANZ NZ of its right to self-monitor its capital buffers due to concerns the central bank said it had been raising without effect for five years.

ANZ's ASX-listed shares were valued at $28.22 before the start of trade, up 15.4 per cent this calendar year.

Source AAP

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