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Canstar announces annual Agribusiness award winner

9th May 2014

“Working to create new opportunities”
CANSTAR releases annual agribusiness award today: ANZ is awarded Best Agribusiness Bank New Zealand for third year running.

Agribusiness is a vital part of the New Zealand economy and national psyche, contributing approximately $76.5 billion to GDP in 2013. With climate, trade barriers and competition for skilled workers though, agribusiness is also a challenging and always-varied sector – and requires a specialized banking approach.

Each year CANSTAR research the agribusiness offerings available from New Zealand financial institutions. This consists of a review of the finance and deposit products that are available, as well as assessment of those institutional factors that can drive success, including the availability of relationship managers, the range of more specialised products and services, online banking functionality and information and education services offered to customers. This year CANSTAR congratulate ANZ on winning theBest Agribusiness Bank New Zealand for the third year in a row.

“The 2012 merger of the National Bank of New Zealand with ANZ created an agribanking powerhouse, giving ANZ a strong competitive advantage,” said CANSTAR General Manager - New Zealand, Derek Bonnar. “In addition to having 255 branches around the country, ANZ offer one agri-manager for every 47 agribusiness customers. Importantly, ANZ also have a suite of purpose-designed deposit and loan products and a wealth of rural news and insights resources. Primary production is an intensive business and property owners have little time for research. Providing them with access to market knowledge and insights to help identify business growth opportunities is a fantastic value-add.”

Responding to the announcement, Graham Turley, ANZ ‘s Managing Director Commercial & Agri said he is extremely proud of the level of expertise ANZ’s Agri managers and specialists across New Zealand bring to the agri-sector. “Our intent at ANZ is to help the sector increase productivity and value for the future – a future that looks increasingly bright,” he commented. “It’s the overall performance of the agri-sector that’s giving much of the impetus into New Zealand’s economic expansion. The indicators show this will continue across most sectors. Part of that performance is due to a lift in returns, but it’s also the result of work by the sectors to increase productivity, introduce new innovations and create new opportunities. Many of these initiatives go unheralded, but they are key to making significant impacts in financial performance and future prospects.”

For the annual agribusiness award, CANSTAR compare banking products and services valued by farmers, including transaction and savings accounts, credit cards, term loans and working capital/overdraft products. We also consider each institution’s agribusiness banking capabilities in terms of the number of agribusiness relationship managers, the range of additional products and other specialist services, online banking functionality and information and education resources. In addition to specialist agribusiness managers, support for agribusiness needs to be evident across the entire organization.

Consumers can download the Agribusiness Award report on www.canstar.co.nz

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