Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Westpac files application to Commerce Commission

August 18, 2003

Westpac files application to New Zealand Commerce Commission

Westpac Banking Corporation announced today that it has submitted an application to the New Zealand Commerce Commission in connection with the sale of the National Bank of New Zealand by Lloyds TSB Group PLC.

Westpac is one of several parties involved in the sales process established by Lloyds TSB.

As outlined by Westpac’s CEO, David Morgan, at the bank’s recent market update, Westpac’s interest is consistent with its strategy of evaluating all acquisition opportunities that arise in its core markets of Australia and New Zealand against its stated strict and disciplined investment criteria which include:

- meeting Westpac’s strategic direction;

- enhancing shareholder value; and

- not unduly diverting from its core organic growth strategy.

Today’s filing is a necessary procedural step to enable the bank to move forward in the process.

Westpac’s evaluation of this opportunity, and any decision to make a final offer, will be subject to the three criteria outlined above and other factors specific to this opportunity.

It is early in the process and Westpac will make further announcements as appropriate.


© Scoop Media

Business Headlines | Sci-Tech Headlines


"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>


Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>


Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>