20 Oct 2006

ANZ in Fiji backs off from massive fee increases

11:09 am on 20 October 2006

Fiji's largest commercial bank, the ANZ Group, has cancelled massive fee increases which were due to come into effect from the middle of next month.

The fee increases, ranging from 40% up to 400% and including miscellaneous service charges of 18-US dollars an hour which previously did not exist, were announced only a week ago.

They sparked outrage in the business community and consumer groups who called for the creation of a banking ombudsman.

The ANZ's general manager in Fiji, John Velegrinis, says the decision to reverse the new charges are based on feedback from various stakeholders and the public.

The ANZ Group in Fiji reported an after tax profit of 17-point-5 million US dollars in the last financial year.