The head of ANZ bank’s local operation has left after an investigation into his expenses.

Last month the bank said chief executive David Hisco was taking extended leave for health reasons.

However, today it has said in addition to the health issues, the board was concerned about certain transactions after reviewing Hisco’s personal expenses.

“We are disappointed David is leaving ANZ under such circumstances after such a long career, however his departure is the right one in these circumstances given the expectations we have of all our people, no matter how senior or junior,” board chair Sir John Key said in a statement.

“While Hisco does not accept all of the concerns raised by the Board, he accepts accountability given his leadership position and agrees the characterisation of the expenses falls short of the standards required.”

No details were given of the concerns about the expenses.

Hisco will receive his contracted and statutory entitlements to notice and untaken leave, but will forfeit any any share options.

The New Zealand business will be headed in the interim by senior executive, Antonia Watson, while a permanent replacement is sought.

Banking regulators in New Zealand and Australia have been notified.

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