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Major Asset Finance Shift Signalled by ANZ

Major Asset Finance Shift Signalled by ANZ

(15 November 2021 – Australia) ANZ will now only accept asset and equipment finance transactions for existing customers or those open to joining the Bank as it moves away from one-off asset finance applications next month.

The move is set to place over A$1 billion in asset finance derived lending under threat. Under the changes to asset finance the group will move to insert ANZ business bankers into customer relationships stemming from the broker channel. ANZ asserts this not about de-prioritising brokers but more so about focusing on deeper customer relationships. ANZ is also ceased brokers and aggregators conducting know-your-customer (KYC) requirements and will carry this out internally.

The bank will also begin providing more detail about how brokers are paid and how that affects the price of the loan being paid by the customer in contract schedules. ANZ is confident the changes will not materially hit the size of its asset finance book and expects the attrition rate to be relatively low.

“The change has not been made because the business is outside of our risk appetite or because we are unhappy with the work brokers are putting in. There is no difference in our delinquency positions or in our risk profiling of those loans. We monitor that performance regularly” commented ANZ’s Transaction Banking and Asset Finance Solutions General Manager, Cosi De Angelis.

“ANZ conducts KYC for every other product we offer. We are bringing it in-house so that it will align with all other ANZ products and businesses” Mr De Angelis added.

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