‘No Bid Made For National Bank’
(New Zealand Press Association)
WELLINGTON, July 2.
The chairman of the National Bank of New Zealand had denied to the Government that there was any take-over bid for the bank, the Minister of Internal Affairs (Mr Seath) said on behalf of the Minister of Finance (Mr Lake) in Parliament today.
Mr Seath said Mr Lake had no information on the speculative bidding for the bank’s shares in London, other than what he had read in the newspapers.
The Government could not prevent any change in control of the bank, but any change was unlikely to cause concern as the Government had adequate power to make banks conform with the country’s monetary policies. Mr M. A. Connelly (Opp., Riccarton) had asked if Mr Lake had seen press reports of the speculative bidding which could be a prelude to a take-over attempt, and asked if he had any information on the interests and purpose behind the move. What would be
the Government’s attitude to an attempt by overseas interests to acquire a holding which could give effective control of a trading bank operating in New Zealand? Would the Government approve a merger between any two trading banks at present operating in New Zealand?
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Bibliographic details
Press, Volume CIV, Issue 30793, 3 July 1965, Page 3
Word Count
207‘No Bid Made For National Bank’ Press, Volume CIV, Issue 30793, 3 July 1965, Page 3
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