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Invest profit increase in NZ operations

25 October 2006

ANZ National should invest profit increase in its NZ operations

Finsec, the bank workers' union, is calling on ANZ National to invest more of its profit back in a quality New Zealand banking network. The bank is set to announce its profit results tomorrow.

"This is an opportunity for ANZ National to prioritise its business in New Zealand, to meaningfully invest here and set the benchmark for the New Zealand banking industry," said Andrew Campbell, Finsec Campaigns Director.

"The bank has the money to set a new direction for its New Zealand business; a direction that is not just about siphoning profit back to Australia but instead about dramatically increasing the number of staff in its branches and back offices, retaining and developing experienced staff and focus on lifting the diminished perception customers have about the bank," said Campbell.

Australian analysts are suggesting that ANZ Australia has saved about $50 million in recruitment and advertising costs by retaining quality experienced staff and reducing its staff turnover.

"Investing in more staff and experienced staff makes economic sense for the bank," said Campbell. "The bank makes money, the customers get higher quality service and workers face less workplace stress."

"New Zealanders can have better banks, but to do so will require the banks to change their priorities and invest not just in Australian owners, but also New Zealand customers and workers."

ENDS


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