BUZZ-Bendigo and Adelaide Bank may face higher costs on anti-money laundering probe, Morgan Stanley says
Reuters
Yesterday
BUZZ-Bendigo and Adelaide Bank may face higher costs on anti-money laundering probe, <a href="https://laohu8.com/S/MTK">Morgan Stanley</a> says
** Morgan Stanley expects Bendigo and Adelaide Bank BEN.AX to raise a provision or include costs in its investment spending after the bank flagged money laundering concerns
** On Tuesday, co said its anti-money laundering and counter-terrorism financing controls were found to have deficiencies impacting its risk management framework across branches as part of an investigation by Deloitte
** "We believe this issue will require significant management attention and increase costs, further reducing confidence in the outlook" - Morgan Stanley
** Stock rated "hold" on average by 12 analysts; their median PT is A$11 – according to data compiled by LSEG
** BEN rises 0.3% to A$10.22 after sliding 7.4% a day ago
** Stock down 22% YTD
(Reporting by Jasmeen Ara Shaikh in Bengaluru)
((Jasmeenaraislam.Shaikh@thomsonreuters.com;))
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