ANZ New Zealand chief departs

ANZ has announced the departure of ANZ New Zealand chief executive officer David Hisco, effective immediately.

The bank said that Hisco's departure "follows ongoing health issues as well as Board concern about the characterisation of certain transactions following an internal review of personal expenses."

ANZ New Zealand chair Rt Hon Sir John Key added: "We are disappointed David is leaving ANZ under such circumstances after such a long career, however his departure is the right one in these circumstances given the expectations we have of all our people, no matter how senior or junior."

Antonia Watson, who most recently served as managing director of retail and business banking, has stepped in as acting CEO while the search for a permanent replacement is underway.