The Australia and New Zealand Banking Group (ASX: ANZ) share price will be on watch on Tuesday after the banking giant released its response to the Royal Commission final report.
What was ANZ's response?
Not long after the release of the final report, ANZ's chief executive officer, Shayne Elliott, commented on the final report, calling it a defining moment for the bank and the financial industry.
Mr Elliott said: "This is a defining moment for both our company and industry. It has been a humbling experience for me, our leaders and all our people – we have learnt from this and accepted responsibility for our failings."
He also believes the Commission has been a good thing for the industry. Saying: "The final report and the insights arising from the Commission will change our industry for the better. It provides a thoughtful path forward that will ultimately result in a better banking system for all Australians."
What's next for the bank?
Mr Elliott's focus now is on ensuring that the bank works towards becoming a better bank.
He said: "ANZ is committed to continuing the work and investment required to build a bank worthy of the trust and respect of our customers and the community as well as helping ensure these failures aren't repeated."
Before adding: "While we are urgently reviewing the report in detail, we do so acutely aware of the role we play in enhancing the prosperity of the Australian economy and will engage constructively with all stakeholders on any reforms arising from Commissioner Hayne's recommendations."
Should you invest?
With the Royal Commission now out of the way and the final report within expectations, I think that ANZ is well worth considering just ahead of National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC).
This is due to the low multiples that its shares trade on, the generous dividend yield they offer, and the bank's overweight exposure to a business lending market which is performing well.
