(Bloomberg) — ANZ Group Holdings Ltd. Chief Executive Officer Shayne Elliott said an alcohol ban would be “difficult to implement” as the bank works to repair a controversial reputation after a series of scandals in its trading arm.
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While Australia’s fourth-largest lender has not ruled out imposing such a policy after complaints of drunken staff on the trading floor, doing so and sustaining it would not be easy, Elliott told Haslinda Amin in an interview on Monday from Bloomberg Television.
Elliott said he “does not encourage the use of alcohol,” but banning it would be complicated by the fact that “most of our people are busy dealing with customers, going to events and lunches and all kinds of other things.”
The ANZ chief told lawmakers at a hearing in Canberra last month that the company’s board was re-examining its workplace alcohol policy after it was revealed three people had left the bank following a number of allegations, including at least one for drinking.
Elliott was unclear Monday whether the policy proposed changing the rules around consuming alcohol in the office or simply drinking during work hours. He said a ban on alcohol drinking for staff on the trading floor was “a reasonable thing to do” but decided not to adopt it as a bank-wide policy.
The Melbourne-based bank is trying to put an end to a trio of simultaneous scandals that have all emerged this year within its bond trading division. ANZ has taken action against staff over cultural and behavioral issues and has also hired external legal counsel to investigate allegations that it had overstated bond transactions to win business. The country is also facing an investigation into its role in the sale of a government bond last year.
“These are quite serious allegations and we are working on them as a board,” Elliott said, adding “buck stops with me” about the trading unit’s alleged missteps. He spoke in Singapore, where the bank is celebrating its 50th anniversary.
Other highlights from the interview:
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Singapore has become the largest lender outside Australia with about 760 bankers and the company expects more growth in China to support its large multinational clients who generally “continue to invest in China”
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ANZ plans not to sell any assets as a result of its A$4.9 billion takeover of Suncorp Bank, Elliott said. ‘We want everything this bank has’
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The CEO said India is “a huge growth opportunity for ANZ”
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ANZ sees few major acquisition opportunities in traditional banking, but expects to engage in discussions with fintech companies in Asia about possible additional acquisitions, Elliott said.
–With help from Anand Menon and Joanne Wong.
(Updates with other highlights from the interview.)
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