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


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news