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Anderton welcomes Public Trust purchase

Hon Jim Anderton
Deputy Prime Minister

News release


29 March 2000

Anderton welcomes Public Trust purchase

Deputy Prime Minister and Minister in charge of Public Trust Jim Anderton is welcoming today's announcement that Public Trust has bought NZ Permanent Trustees.

NZ Permanent Trust is currently owned by Axa. Today's announcement brings NZ Permanent Trust into public ownership.

"The Government strongly supports public enterprise.

"Publicly-owned companies should be robust participants in the market.

"Today's announcement will ensure that the public sector maintains a strong presence in the trustee services field. It is a highly appropriate sector for publicly-owned organisations to participate in.

"The chief-executive of the Public Trust is required to ensure that the purchase is a prudent investment. Those rules help to protect the public by maintaining the highest standards of commercial excellence," Jim Anderton said.


ENDS



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