Former PM John Key tapped to take over as ANZ New Zealand chair

Sir John Key will join the board in October

RELATED AUDIO: Sir John Key talks about business opportunities and life after politics (Jun 5)

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Former Prime Minister John Key will take over as chair of the country's biggest bank, ANZ Bank New Zealand, next year in his second high-profile directorship.

Key will join the ANZ New Zealand board in October and replace John Judge as chair in the new year, the bank said in a statement. Judge will retire from the board in January, ending almost a decade as a director and five-and-a-half years as chair.

"Sir John Key's strong international career in banking and his understanding of and contacts across the Asia-Pacific - where many Australian and New Zealand companies are increasingly trading - will add great value to the governance of ANZ," Australia & New Zealand Banking Group chair David Gonski said. "John Judge's tenure has overseen significant change in the ANZ New Zealand business."

Key's appointment to the ANZ New Zealand board is his second high-profile position since he unexpectedly resigned as prime minister late last year while still highly popular in polls. In May he was earmarked to join Air New Zealand's board in August.

Before entering politics, Key worked in banking and finance where he was head of global foreign exchange at Merrill Lynch.

ANZ New Zealand's board is rounded out with independents Tony Carter, Mark Verbiest and Joan Withers, and executive directors including local CEO David Hisco, ANZ group chief risk officer Nigel Williams and group CEO Shayne Elliott.

(BusinessDesk)


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24 Comments & Questions

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No surprises here...there is a revolving door between national party politicians and the banksters.

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Yup - just as Labour Party politicians gravitate back to sucking on the taxpayers' tits post 'retirement' from politics?

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No difference between the both of them then. Maybe they should go into a coalition govt together.

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Bit like saying that a social welfare beneficiary is the same as a farmer?

Both are farmers - one farms the taxpayer and the other farms the fields.

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Not only Labour MPs!

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LOL, so original and insightful there Brent.

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The really interesting thing is that there has apparently been no rush at all to snap up our former PM. What about the non-existent queue?

And is it any wonder?

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Still selling the brand John.

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A back-scratch returned.

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Who stands more to gain from a hands-off approach to housing policy during 3 terms of unprecedented immigration levels and house price inflation? The guy with a multi-million dollar untaxed capital gain and a future of clipping the ticket on directorship fees, or the country's largest mortgage lender?

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The big issue here is the message appointments like this send to government departments like the fma,treasury and reserve bank given that their former boss now works for a firm they regulate.if it's an attractive proposition for mr key who else in government is contemplating a similar move when they retire.the message from the banks is thus clear : don't mess with us.

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Perhaps the only way to deal with the smiling assassin is to change your bank account to a locally owned one; which I have already done.

As evidence can only see, Key was more interested in himself than the wellbeing of NZ inc. Just a big short term salesman, which alot of people got conned into believing by the compulsate media.

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Good, ANZ shouldn't be asking for bailouts any time soon then, right, guys ... right?

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Will likely continue the fine tradition - privatise the profits and socialise the costs.

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The NZ government received fantastic returns from the bailout of Air New Zealand, as did the US government from its takeover of the likes of Freddie Mac and Fanny Mae. The belief that somehow the government gets screwed over for these types of financial lifelines is not true. The employees keep their jobs and continue to be productive tax paying members of society and in many cases, including the ones cited, the government recovers all and more of it's investment.
If you want to moan about the government carrying the costs for poor decision making we could also focus on the approx 30% of the population considered obese who will make endless poor choices around what they eat and drink and how little they exercise. Then lob up at the local DHB and ask to have their diabetes/heart disease/colon cancer etc etc treated by the tax payer. Same principle, poor private decision making leading to increased social cost...

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Actually, requiring equity in exchange for a bailout isn't so bad an approach. But that's not been the half of the socialising of the costs and privatising of the profits recently, e.g. in 2008. Massive public debt to cover for the risks taken by private individuals.

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This is not what happened with the big banks, so no one needs to kid themselves with this line. All government did was provide a credit line. Freddie Mac & Fanny Mae were already government owned.

If governments were offered equity positions on these big banks, now thats another story; but dont hold your breath on this one.

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Hey the guy is a proven talent, charismatic & worldly-wise like no other.. He's a catch for ANZ.

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Good reply to a string of grumpy old buggers!

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You don't think that he was maybe being a bit sarcastic? and you just didn't get it.

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On Interest .co people are threatening to change banks because of his appointment.
I just hope that these same people don't buy things made in China,Vietnam,Russia etc or have ever enjoyed a Harvey Weinstien movie.

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They'd be better off changing sites.

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This just in: ANZ issuing new dress code policy on ponytails.

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I hear cheesy grins are on the outer as well.

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