Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Westpac New Zealand To Remain Part Of Westpac Group

Westpac New Zealand Limited (WNZL) remains part of Westpac Group following a decision for the two businesses not to demerge.

Westpac Group Chief Executive Officer, Peter King, said: “After a detailed review, we believe a demerger of the WNZL business would not be in the best interests of shareholders.

“Our review identified opportunities to improve service for customers and value across the WNZL business and we will progress these with the WNZL Board and management team.

“WNZL is a strong business that has been serving New Zealand for 160 years. We remain committed to delivering for customers and fulfilling our purpose of helping Australians and New Zealanders succeed,” Mr King said.

Mr King said Westpac Group and the WNZL Board will prioritise the appointment of a new WNZL CEO to replace David McLean, who retires on 25 June 2021. WNZL General Manager of Institutional and Business Banking, Simon Power, will act as CEO from 25 June 2021.

Mr Power said for customers there is no change, and the bank will continue to focus on delivering great service and supporting the New Zealand economy through the pandemic recovery.

“Westpac New Zealand continues to have strong support for what it is delivering for customers and its role in the Westpac Group.

“Our team of more than 4000 Kiwis will remain focused on delivering great outcomes for our 1.3 million customers, many of whom are our families, friends and neighbours,” Mr Power said.

 

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Stats NZ: Primary Products Push Exports To A New High

New Zealand exports reached a new high in June 2021, off the back of record export values for logs and beef, Stats NZ said today. In June 2021, the value of all goods exports rose... More>>



Energy: New Zealand Could Be World’s First Large-scale Producer Of Green Hydrogen

Contact Energy and Meridian Energy are seeking registrations of interest to develop the world’s largest green hydrogen plant. The plant has the potential to earn hundreds of millions in export revenue and help decarbonise economies both here and overseas... More>>


MBIE: 36th America’s Cup Post-event Reports Released

Post-event reporting on the 36th America’s Cup (AC36) has been released today. The reports cover the delivery of the event by Crown, Council and America’s Cup Event Limited, economic impacts for Auckland and New Zealand, and delivery of critical infrastructure... More>>





Statistics: Household Saving Falls In The March 2021 Quarter

Saving by New Zealanders in the March 2021 quarter fell to its lowest level in two years after rising sharply in 2020, Stats NZ said today. Increases in household spending outpaced income growth, leading to a decline in household saving from the elevated levels that prevailed throughout 2020... More>>

ALSO: