THE ANZ BANK in Fiji is allegedly engaged in bad business practice. Many of its customers have contacted Fijileaks to complain that the bank has closed down some of its branches throughout Fiji. In Suva alone, they have closed the Tappoo City, USP, Samabula and Centre Point branches, making it extremely inconvenient for customers to use the Bank.
Our contacts inside the bank claim the management are systematically engaged in making their books look better so they can sell their Fiji operations. Their intention to sell to the BRED bank failed.
They are giving no leeway to customers who have banked with them for years by not granting businesses even small loans and this is adversely affecting their businesses and livelihood. Many customers have ceased using this Bank and are using other Banks like the Bred Bank and BSP.
The ANZ Bank has been accused of even transferring accounts of small businesses to their asset management department, which is led by Mohammed Faiyaz, a very junior bank officer with little or no understanding of business or for that matter banking.
Recently, the ANZ Bank (Australia) paid a fine of around AUD$50million for Interest rigging in Australia.
The Reseve Bank of Fiji ought to be more vigilant and scrutinize the operations of this Bank.
DOLLARING UP BOOKS IN BID TO SELL UP: ANZ FIJI accused of bad business practice as its Australian counterpart agrees to settle landmark court case with corporate watchdog ASIC in interest rate rigging scandal