New Bank in New Zealand
January 12, 2009 New Zealand Finance
The Australia and New Zealand Banking Group Limited has become the 19th registered bank in New Zealand.
The new bank, which is already registered in Australia, is the owner of ANZ National Bank Limited. According to the Reserve bank of New Zealand, the newly formed bank will function in only a limited capacity in New Zealand. It will not commence any commence any retail banking or lending to customers. It is only permitted to purchase mortgages from the ANZ National bank Group. The aggregate value of the held mortgages is not allowed to exceed $15 billion.