ANZ Bank chief executive Shayne Elliott says the lender is preparing to deal with a much larger number of financially distressed customers next year as government support fades | clancyyeates
ANZ Bank chief executive Shayne Elliott says the lender is preparing to deal with a much larger number of financially distressed customers next year as government support fades, though ultra-low interest rates will give struggling borrowers more time.
"Sadly, we know that there will be difficult situations where we need to help customers wind up their debt. And when this happens, we will be ethical and sensitive in our actions," he said in a market briefing on environmental, social and governance issues.While there were currently low numbers of companies being wound up, or individuals facing financial strife, he said this was because government support and banks' temporary loan deferrals had bought time.
"We expect our small business [clients] to come in a second wave, effectively, where we need to have those in-depth conversations next year," Mr Hand said.
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