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NEWS UPDATE: Westpac NZ reprimanded by central bank over governance and risk failings

By Dan Byrne for AMLi

New Zealand’s regulator had feared that one of the country’s top banks had serious risk and compliance issues; now, a new report has found those fears were justified.

Westpac New Zealand has been found to have “material shortcomings,” in risk governance, largely stemming from the actions of its board of directors, the Reserve Bank of New Zealand said in a statement Friday.

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