Chimaera bailed out by ANZ

ANZ shed no new light on the issues arising from its loans to collapsed securities lender Opes Prime at yesterday's profit briefing.

One line of argument advanced by Smith was that, were it not for irregularities at Opes Prime, ANZ would still be working with and funding the firm, as ANZ has recently agreed to do with Tricom, a stockbroker wilt a similar business model.

And now also with Chimaera Financial Group, also with a similar model.

Chimaera said in a media release yesterday that ANZ will be "participating in an equity or convertible equity raising by Chimaera".

The release said ANZ is expecting to invest $55 million, that ANZ is seeking a majority stake in the group and that Chimaera will invite ANZ to appoint directors to its board.