ANZ hit by A$975m of bad loans
ANZ Group announced bad debt provisions of A$1bn, causing its first fall in earnings since 2001 and raising more questions about the health of the Asia Pacific loan market. Chief executive Mike Smith said the unexpected increase in bad debt was due to exposure in the commercial property and stockbroking industries. Find out details of ANZ’s true exposure to the fallout from the credit crunch in this week’s EuroWeek.
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