Union opposes NBNZ sale

"Lloyds TSB have finally come clean and admitted that they are looking for a buyer for the National Bank," said Andrew Casidy, General Secretary of the bank workers' union, Finsec. "We strongly oppose such a sale."

"The downstream effects would be job losses, significant negative impacts on customers and the loss of a strong and responsible banking culture from the New Zealand market."

"The National Bank is the one of the most profitable corporate entities in New Zealand and it has always taken a long-term approach to business. It is important to staff, customers and the country that this culture of responsibility is retained."

"The suggestion of a sale again brings the issues of a governmental enquiry into banking and the role of the Commerce Commission to the fore. We want to see steps taken to ensure that the effects of a sale and the best interests of the country and its citizens are considered in such a process.

"We have asked the bank for assurances that it will not make any staff redundant before a sale. We have also asked Lloyds to make it a condition of sale that neither they nor a purchaser would make staff redundant as a result of the sale for at least a year."

"Why should employees of some of the country's most profitable businesses have to fear for their jobs," he asked. Ends

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