"As far as the unconscionable conduct is concerned, it was clearly grubby." Including Monday's announcement, ASIC has brought 11 civil penalty proceedings against ANZ since 2016, with total penalties exceeding A$310 million. ANZ has admitted allegations in each case, according to ASIC. ANZ Chair Paul O'Sullivan said the bank must make a significant change in the way it operates. "In reaching this settlement we are acknowledging that we let our customers down and I apologise unreservedly," he told analysts and reporters. ANZ shares closed 0.6% lower on Monday, while the benchmark S&P/ASX200 was down 0.13%. The latest settlement, requiring Federal Court approval, resolves five separate investigations across ANZ's Australian Markets and Retail divisions. Central to the violations was ANZ's conduct during a A$14 billion government bond issuance on April 19, 2023.