The bank is going through a restructuring after regulators fined it for financial reporting misconduct.
The Australia and New Zealand Banking Group (ANZ) has reportedly closed its venture capital investment unit, 1835i, as it undergoes a restructuring following a financial reporting misconduct scandal.
1835i was ANZ Banking Group’s external innovation partner. The venturing arm’s website is no longer live.
Before it was shut down, the CVC fund sold shares worth $44m in Australian payment processing company Airwallex, according to reports. The startup’s investors include Tencent, Visa and Salesforce Ventures.
Australia’s financial regulator imposed A$240m ($158m) of fines on the bank in September for submitting inaccurate bond turnover data and failing to pay interest on online saver accounts, among other misconduct.
The bank is cutting 3,500 employees from its workforce as part of a restructuring aimed at improving its non-financial risk managment. All the 14 members of the 1831i team have reportedly been made redundant.
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