ANZ Bank will take a $27 million charge after tax in its cards business in the March 2003 half, after the discovery that the bank failed to correctly accrue loyalty points. The under accrual took two forms:
• under allocation of bonus points for spending outside Australia on the Qantas ANZ Visa.
• understatement of points for spending on the ANZ Business One card.
In management connected to the performance of the cards business Jenny Fagg takes over as head of issuing from Kamran Siddiqi, while the division's chief financial officer, whoever that...
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