ANZ Bank's New Zealand CEO Hisco Departs After Expenses Review
- Board concerned that chauffeured car use was mis-characterized
- Hisco has led New Zealand’s largest lender for past nine years
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ANZ Bank’s New Zealand Chief Executive Officer David Hisco has stepped down after a review revealed mis-characterization of personal expenses involving the use of chauffeured cars and wine storage.
Over a nine-year period, Hisco failed to accurately report the expenses, which was a breach of the standards of trust and transparency the board requires, ANZ Bank New Zealand Chairman John Key told reporters Monday in Auckland. The sums involved were less than NZ$100,000 ($64,000) and the money doesn’t need to be paid back.