ANZ chief executive Mike Smith has raised $4.6 million through the sale of shares to meet an income tax bill and reduce his debt.

Mr Smith paid $6.24 million to obtain 440,000 ANZ shares that were granted to him as share options in his remuneration package approved by shareholders in 2008, the bank said in a statement to the Australian Securities Exchange on Friday.

He then sold the shares on August 20 for $10.86 million.

“The exercise of the share options and the sale of the resulting shares was undertaken by Mr Smith in order to fund a forthcoming income tax payment and to repay debt,” ANZ said.

Mr Smith’s total holding of ANZ shares remained unchanged at 1.17 million shares.