A new independent valuation has found that the Auckland house sold by an ANZ subsidiary to the wife of former ANZ New Zealand CEO David Hisco for NZ$6.9 million was worth $11 million. Kiwisaver provider Simplicity commissioned the valuation following a refusal by ANZ to release the valuation it used to validate the sale price. "The house was bought and sold by ANZ using shareholder funds which includes the money of many Kiwisaver members," said Simplicity CEO Sam Stubbs. Current ANZ chief executive Antonia Watson was a signatory to the house sale, which took place before Hisco's departure from the bank following an investigation into his expenses. ANZ said the sale was based on independent valuations and it would "continue engaging with the regulators [FMA and RBNZ] on the issue".