August 13, 2019 / 11:35 PM / 5 days ago

Allianz Australia slapped with tougher capital requirement

Aug 14 (Reuters) - The Australian unit of Allianz SE will have to set aside an additional A$250 million ($169.9 million) due to shortfalls in its risk governance self-assessment, the country’s prudential regulator said on Wednesday.

The move will see Allianz Australia join Australia’s four biggest banks which have been slapped with additional capital requirements until they strengthen risk management and reimburse customers for wrongly charged fees. ($1 = 1.4715 Australian dollars) (Reporting by Shreya Mariam Job in Bengaluru; Editing by Stephen Coates)

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