The Australia and New Zealand Banking Group (ASX: ANZ) share price has been a positive performer on Monday. In afternoon trade the banking giant's shares are up 0.6% to $28.38.
This gain appears to have been driven by positive housing market data from Melbourne and Sydney over the weekend.
The positive data appears to support the view that the housing market may be bottoming and a rebound could be on the horizon. This is likely to be good news for the banks, as it could increase demand for mortgages.
The news has gone down so well with investors that it has offset some disappointing news from across the ditch at ANZ New Zealand.
What was announced?
This morning ANZ announced that it has appointed Antonia Watson as the acting CEO of ANZ New Zealand following the departure of David Hisco.
According to the release, Mr Hisco's departure follows ongoing health issues as well as board concern over the characterisation of certain transactions following an internal review of his personal expenses.
The release explains that Mr Hisco does not accept all the concerns raised by the board, but he does accept accountability given his leadership position and agrees the characterisation of the expenses falls short of the standards required.
ANZ New Zealand's chair, Rt Hon Sir John Key, said: "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."
The former New Zealand prime minister added: "We are fortunate to have an experienced executive in Antonia Watson to step in while we conduct a search for a replacement. Antonia's extensive banking career has her well placed to help ANZ manage through this transition."
Mr Hisco will receive his contracted and statutory entitlements to notice and untaken leave, but has forfeit his unvested equity entitlements worth $6.4 million.
According to the AFR, during a press conference broadcast live on New Zealand television, the bank's chairman revealed that the matter related to Mr Hisco's personal use of chauffeured cars and storage space worth tens of thousands of dollars over several years.
ANZ isn't the only banking giant on the rise today. Both Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) shares have started the week in fine form. In late afternoon trade their shares are up 0.8% and 0.6%, respectively.
