ANZ Overstates Government Bond Values to Win Deals, AFR Says
- Lender told authorities that the data was incorrect: report
- ANZ Group says it is working to review internal processes
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ANZ Group Holdings Ltd. overstated the value of government bonds that it traded by more than A$50 billion ($34 billion) during a one year period, the Australian Financial Review reported.
The lender told the Australian Office of Financial Management, the manager of government bond sales, that data on the volume of turnover was incorrect, the AFR reported. The AOFM has historically chosen the largest trading firms for bond issuances.