ASIC prepares to sit down with ANZ CEO Nuno Matos as investigation winds down

The corporate regulator has walked back a target to resolve its ANZ probes by July, as it works through the investigation which Joe Longo said was the most complex it had undertaken.

ASIC chair Joe Longo is preparing to meet ANZ CEO Nuno Matos. Picture: John Feder/The Australian.

Australian Securities & Investments Commission chair Joe Longo is preparing to sit down with ANZ boss Nuno Matos as the regulator finalises its investigation into what happened on the bank’s trading floor when a $14bn government bond sale went down.

Mr Longo told a press pack that the regulator was close to a decision surrounding its multiple probes into ANZ, speaking on the sidelines of a banking summit in Sydney on Wednesday.

These include the widely publicised investigation of the bank’s role in the bond auction, amid allegations ANZ traders rigged bond rates to the benefit of the bank and the detriment of the taxpayer. The bank denies any wrongdoing.

ANZ also allegedly supplied incorrect data to the Australian Office of Financial Management as it attempted to woo the government debt agency into selecting it for a role on the sale.

ASIC is also closing in on several other regulatory probes into ANZ’s retail bank, as revealed in The Australian, including an investigation of its deposit rates and hardship handling.

ANZ’s new CEO Nuno Matos. Photograph: Arsineh Houspian

ASIC had earlier guided to closing the book on its ANZ investigations by June, but extended this to July amid internal delays.

However, on Wednesday, Mr Longo said ASIC was no longer sticking to its July guidance.

“It’s an estimate, it’s guidance, as soon as we’ve got something to say and announce we will,” he said.

Mr Longo said the ANZ bond trading investigation was probably the most complex probe undertaken at ASIC.

He wasn’t “going to put a time on it”.

“It’s an ongoing investigation, every investigation has its challenges,” he said.

“This one we’ve got to work through.”

The ASIC boss made the remarks ahead of his meeting with Mr Matos, ANZ’s new Portuguese-born boss.

Mr Matos succeeded long-time ANZ chief Shayne Elliott on May 12.

Mr Elliott had previously struck a defiant tone over the ASIC investigations, telling parliament in August 2024 that “there is no evidence that I have seen that suggests there was any wrongdoing in terms of trading in that particular AOFM matter”.

Mr Longo said he had spoken on several occasions to Mr Matos, who was recruited from HSBC.

Mr Matos wrote to Mr Longo upon taking the top job, however ASIC’s legal team has quashed repeated attempts by The Australian to get access to his letter.

The ASIC chair said it was clear ANZ wanted the trading investigations resolved and the bank’s board routinely met to discuss the matter.

“It’s something I want to finish, ASIC totally understands the public interest in it, ANZ would like it to finish,” he said.

“It's a complex matter it has to be carefully thought through, there are some big decisions to make.”