Australia and New Zealand Banking Group Limited (ANZ) is Australia's leading finance company. Its services include retail banking, regional, rural and small business banking, consumer finance, mortgages, investments and insurance products.
Opes Prime Group Limited was a stock brokerage firm in Australia. ANZ loaned Opes $650,000,000 and had insufficient collateral to secure the loan. As the loan to Opes was going south and with Opes on the verge on bankruptcy, ANZ continued to state that all was well to investors, which artificially inflated the share price.
The day before ANZ announced its losses stemming from exposure to Opes Prime, its stock (ADRs) closed at a high of $17.24. The following day, after ANZ's announcement, ANZ's stock price dropped to $14.57.
ANZ's stock is currently trading at $9.90.
Name (Stock Symbol)
Australia and New Zealand Banking Group Limited (ANZBY.PK)
Australia and New Zealand Banking Group Limited provides financial services in Australia and New Zealand.
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