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Westpac Statement Re Finsec

Westpac Statement

Westpac is disappointed that Finsec is putting false information into the public domain that is causing concern and confusion for our customers and our staff.

Clearly the union is pushing its own agenda, which does not adequately reflect the situation as we see it. It is important in the current environment that the facts about our offer and the way we do business are made clear.

We have entered negotiations with Finsec in good faith and put out best offer forward.

The facts are:

Westpac's offer to the union is for a minimum across the board increase of 5.2% over 18 months for all staff. This offer is not in any way linked to sales or other targets.

Westpac staff are not paid on commission. Sales targets are just one measure by which staff performance can be evaluated. Other measures include community involvement, risk compliance and adherence to our customer service principles.

Our job is to help customers succeed, and Westpac has never been in the business of pushing debt to people who can’t afford it. Selling on a basis other than genuine need creates no sustainable value for us or our customers.

Westpac has been operating in New Zealand for nearly 150 years and we are disappointed that what we see as opportunism from a union could potentially undermine the trust our customers place in their bank.

We believe we can achieve agreement with the union and we urge Finsec to return to good faith bargaining that is in its members’ best interests.

ENDS

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