Business
New Zealand deputy PM considering Westpac’s role as country’s banker – The Australian Financial Review
New Zealand’s finance minister says some government banking work could be shifted from Westpac, but he welcomed a potential spin-off as a chance to deepen its capital…
Later that day, Westpac confirmed a Street Talk report that it was exploring an exit from the New Zealand market.
That followed years of simmering tensions, as the NZ banking regulator ordered Australian-owned banks, which comprise 85 per cent of the NZ banking market, to increase their operational independence and bolster capital levels in late 2019.
Asked if the government would consider dumping Westpac as its banker, Mr Robertson said it was a good thing we might have our services from other…
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