ANZ admits issues over Landmark customers

ANZ admits issues over Landmark customers


The ANZ bank admits it lacked sympathy and caused distress to some former customers.


The ANZ bank admits it lacked sympathy and caused distress to some former Landmark customers when the farmers faced hard times.

The controversy is getting another airing, this time at the banking royal commission as it examines farming finance.

A significant number of former Landmark customers felt they were treated unfairly by ANZ, counsel assisting the commission Rowena Orr QC said.

"ANZ acknowledged that it should have been more responsive and empathetic to some former Landmark customers, particularly given their difficult financial circumstances, and it acknowledged that its failure to do so caused distress in some cases," Ms Orr said on Monday.

ANZ acquired the Landmark Financial Services loan book from AWB for $2.2 billion in 2010, taking the division's 10,000 agribusiness customers.

ANZ told the royal commission it accepted that in certain respects its management of some former Landmark Financial Services customers fell below community standards and expectations.

Ms Orr said ANZ also acknowledged that in a small number of cases, its conduct may have breached its obligation to act fairly and reasonably towards its customers.

Like the controversy over the Commonwealth Bank's treatment of Bankwest business customers after its 2008 takeover, the Landmark issue has already been examined by other inquiries.

The royal commission's public hearing in Brisbane this week will also hear about three sets of Queensland cattle farmers' dealings with Rabobank, Bankwest and National Australia Bank.

Australian Associated Press


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