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Independent review of ING NZ

As part of its settlement with the Commerce Commission over the frozen ING funds, ING NZ has been asked to engage an external party to complete an audit and review of some of its procedures and processes.The auditor, who must be confirmed by the Securities Commission, must report by February 1, 2011.  It must also submit a report on its findings and recommendations of the audit and review by April 1, 2011.ING NZ is a wholly owned subsidiary of ANZ after it bought the 51 per cent stake from ING Groep in November 2009.

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