ANZ chief executive Shayne Elliott says the bank is “paying customers back as fast as we can” to act on the financial services royal commission’s recommendations.
“For retail and commercial banking in Australia, we currently estimate that over 3.4 million bank accounts need fixing,” Mr Elliott told the bank’s annual general meeting in Brisbane.
The bank has made good on more than one million of these bank accounts, refunding customers an average of $60 each.
“No one is proud of the fact we need to remediate mistakes of the past but we are learning from our failures and strengthening the bank as a result,” Mr Elliott said.
“We’re teaching our people about what wrong and how it affected our customers to ensure we don’t make these mistakes again.”
ANZ has made significant progress on 16 initiatives announced in February to meet the royal commission’s recommendations, Mr Elliott said.
ANZ also avoided a second strike on renumeration with 89.94 per cent of shareholders voted for the bank’s renumeration report, and 10.06 per cent voting against.
Last week Westpac suffered a second strike on executive pay but dodged a potential board spill despite shareholders roasting the bank over its child exploitation scandal.
Shares in ANZ were down 0.26 per cent at $24.985 by 1430 AEDT on Tuesday against a 0.1 per cent drop for the benchmark ASX/200.