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NZ Commerce Commission Announcement

NZ Commerce Commission Announcement

Wellington, 10 November 2006 – Cards NZ Limited, the company which operates the Visa franchise in New Zealand, said today that it is disappointed the Commerce Commission has chosen to issue proceedings rather than engage in constructive dialogue as proposed by the company. Chairman, Mr. Bill Wilson QC, said Cards NZ Limited would vigorously defend the proceedings, which the company believes are unjustified.

“Visa has been operating successfully for over 30 years and delivers major benefits to consumers and merchants alike. It is the public’s most-favoured card with 1.8 million Visa cards issued in New Zealand and wide merchant acceptance.”

“Irrespective of these proceedings, Cards NZ Limited is committed to continuing to provide New Zealanders with the quality, innovation and excellence that they have come to expect from Visa.”

ends

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