ANZ’s Indian cheque fiasco coming to an end
ANZ is continuing with court action in India to recover losses from a 1992 incident that led to nine cheques being credited to a customer, instead of its subsidiary Grindlays Bank. Yesterday ANZ accepted a $92 million settlement with reinsurance companies over the matter. India's National Housing Bank issued the nine cheques and settled with ANZ in 2002. ANZ is pursuing recovery from the estate of the customer and says it has reached agreement with other reinsurers to cover losses.