ANZ says review finds management weakness

SYDNEY, Aug 22 (Reuters) - Australia and New Zealand Banking Group Ltd (ASX: ANZ.ax) , Australia's third-biggest lender, said a review of its securities lending business had revealed management weakness and two senior executives would leave the bank. The review was prompted after the collapse of Opes Prime Group, a stockbroker which specialised in margin lending, in March due to global credit crisis. ANZ, which had lent A$616 million ($540 million) to the broker, seized shares held as security from Opes and sold them to recoup the loan. ANZ said it did not adequately identify and manage risks arising from its securities lending business. "It's clear the findings have some wider implications for ANZ's management of other non-traditional businesses, particularly in our institutional division," ANZ Chief Executive Mike Smith... [read full story]