Westpac's governance problems detailed
Westpac NZ has been pinged by the Reserve Bank (RBNZ) for having insufficient banking expertise among its board of directors.
It also had technical failures and insufficient monitoring of liquidity, and some problems dragged on for years.
The RBNZ qualifies its criticism by saying Westpac's NZ’s financial position is sound.
But it was worried enough to commission an independent report by the international consultancy Oliver Wyman in March.
It based this on what it called material shortcomings...MORE»
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