Banking and finance briefs: ASB's Pink new Bankers' Association chairman

1.  Pink picked to head Bankers’ Association - ASB chief executive Charles Pink has been elected chairman of the New Zealand Bankers’ Association for 2010-11. BNZ managing director Andrew Thorburn is the new deputy chairman.

Pink said the association had an important role in supporting the banking sector through the economic recovery. “New Zealand banks have weathered the economic storm and emerged in a position of strength compared to many major banks overseas,” Mr Pink said. “However the hard work is not over yet. Now is the time for our industry to plan for the future to ensure the New Zealand banking industry remains stable and successful in the decades to come.”

2. ASIC delayed class action - IMF Australia, the company behind a class action lawsuit against 12 banks over so-called exception fees, says the Australian Securities and Investments Commission's refusal to grant an exemption from the managed investment scheme requirements held the case up for  2 1/2 months costing consumers about A$3 million a day. 3. ANZ 'shocked' -ANZ says it's shocked to discover a drug trafficking ring was allegedly operating from a bank office in Melbourne and it's helping police investigate, Bloomberg reports. Seven ANZ employees have been allegedly linked to dealing drugs and another seven to buying from them.

“We have zero tolerance for this type of behavior and none of the staff linked to this investigation are with ANZ any longer,” said Stephen Ries, an ANZ spokesman. “We are treating the matter very seriously and have been doing everything we can to assist the police.”

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