The proceedings will relate to an arrangement or understanding allegedly made between the joint lead managers in relation to the supply of ANZ shares.

The bank understands, it noted in a statement, that CDPP will also be bringing an action against ANZ group treasurer Rick Moscati.

ANZ is also currently under investigation by the Australian Securities and Investments Commission (ASIC) in relation to the placement.

ASIC is looking into whether the bank’s announcement from 7 August 2015 should have stated that the joint lead managers took up approximately 22.5 million shares of the placement, representing 0.91 per cent of total shares on issue at that time.

On Friday, ANZ chief risk officer Kevin Corbally said: “We believe ANZ acted in accordance with the law in relation to the placement and on that basis the bank intends to defend both the company and our employee.”

Moody's Investors Service vice president Frank Mirenzi said the consequences of the potential proceedings could be significant and would be credit negative for ANZ. 

"Whilst, at this stage, there is material uncertainty with respect to any potential outcomes from these proceedings, in the short-term they are likely to create further challenges for the bank's brand and reputation, at a time when Australian bank conduct and procedures are coming under the scrutiny of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry," he said. 

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