A New Zealand union has called for the government to increase regulations on the banking sector, claiming that the country’s four largest banks paid over 220 percent of their profits in dividends while lowering conditions for workers. The New Zealand finance sector union Finsec has cried out in protest to ANZ, Westpac, BNZ and ASB banks paying out large dividends while allegedly making jobs redundant, freezing wages and outsourcing work. According to Finsec, the combined profit in 2009 for the four largest banks ... Read More

Five years of legal wrangling has ended in a NZD2.2 billion settlement reached between the New Zealand Inland Revenue Department (IRD) and the country's four largest banks. The multi-billion dollar agreement between the IRD and four Australian-owned banks, the Bank of New Zealand (BNZ), ANZ National (ANZ), Westpac and ASB Bank ,was announced in a settlement by Peter Dunne, New Zealand Minister of Revenue on December 23rd. The settlement, believed to be the largest in the country's history, revolves around alleged tax ... Read More

An appeal will be filed to the High Court’s decision regarding its judgment of BNZ and its structured finance accusations. According to statements made on the 11th of August by Andrew Thorburn, BNZ Chief Executive Officer, the bank will be filing an appeal to last month’s High Court decision. He said "This is a complex area of law, and given the facts of the case, we're not convinced that the decision was the right outcome." The IRD accused the bank of engaging in ... Read More