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ANZ Group chairman Paul O’Sullivan has announced the appointment of John Cincotta to the boards of Australia and New Zealand Banking Group Limited and ANZ BH PTY LTD as a non-executive director, effective 15 February 2024.
Mr Cincotta will step down from the non-executive director role at Barrenjoey Capital Partners on 31 January 2024, where he was a founder in 2019 and held the non-executive director position since 2022.
Prior to this, Mr Cincotta held senior roles with Deutsche Bank Australia and New Zealand from 1993 to 2019, including deputy chief executive, chief operating officer, and chief risk officer.
Mr O’Sullivan commented on Mr Cincotta’s appointment: “John’s deep banking experience with a focus on strategy, risk, and transformation will greatly benefit the Banking boards as the Bank continues to grow and evolve.”
ANZ/Suncorp merger: A ‘fatal mistake’
The news of this appointment came as the counsel representing ANZ during the first day of hearings of the Australian Competition Tribunal’s review into the Australian Competition and Consumer Commission’s (ACCC) decision to refuse ANZ’s multibillion-dollar acquisition of Suncorp Bank said that the consumer watchdog has made a “fatal mistake” in refusing the acquisition.
Counsel Ruth Higgins SC – representing ANZ – told the tribunal the ACCC decision was made “in error” because it lacked “diffident non-satisfaction” or a lack of confidence.
During opening submissions, Dr Higgins said ACCC’s “fatal mistake” was in failing to “engage in the symmetries” between the big banks.
She said the commission focused only on a comparison between the major banks and the smaller banks “as a block”, which “misunderstands the relevant comparisons for symmetry”.
Digital home loan
Prior to this, the major bank launched a new end-to-end digital home loan through its ANZ Plus mobile app.
The digital home loan is available through iOS and Android and is currently only available to eligible owner-occupier applicants in metro NSW and Victoria for refinancing.
According to ANZ, the ANZ Plus home lending process provides its customers with an up-to-date value of their home upfront, a quick approval process, and the ability to track settlements from start to finish.
The offering is currently available through the direct-only channel, with a broker offering and purchase loans expected to be rolled out in the future.