Reserve Bank Confirms Westpac to incorporate in NZ

Thursday, 16 December 2004, 8:49 am
Press Release: Reserve Bank

Westpac to incorporate in New Zealand

The Reserve Bank today confirmed that Westpac has decided to incorporate in New Zealand. Once this process is completed, all systemically important banks operating in New Zealand will be locally incorporated.

Reserve Bank Governor Alan Bollard commented, "the Reserve Bank's local incorporation policy requires systemically important banks to incorporate in New Zealand. Local incorporation provides, among other things, a well-understood legal framework for the conduct of business in New Zealand and a local board to act in the best interests of the New Zealand bank. These features promote the maintenance of a sound and efficient financial system, and assist in the avoidance of significant damage to the financial system that could result from the failure of a registered bank.

"Earlier this year, Westpac asked the Reserve Bank to consider a "buttressed branch" proposal as an alternative to compliance with the local incorporation policy. Westpac's proposal followed open discussions between Westpac and the Reserve Bank.

"After careful consideration of the issues, the Reserve Bank reached the conclusion that Westpac's "buttressed branch" proposal would not be acceptable as an alternative to compliance with the local incorporation policy.

"The Reserve Bank will be working closely with Westpac to assist in the local incorporation process."

Further details on the Reserve Bank's local incorporation policy are available on its website at http://www.rbnz.govt.nz.

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