No Offers To N.Z. Banks

Press, Volume CVI, Issue 31340, 10 April 1967, Page 14

No Offers To N.Z. Banks

Mr C. Tweter, president of the world’s largest holding bank, the Western Bank Corporation of Los Angeles, with total resources of nearly 8 billion dollars is visiting Christchurch. Mr Tweter said yesterday that his visit, and that of the senior vice-president in charge of international operations (Mr V. Rose), had nothing to do with the economic situation in New Zealand.

“I have not made any offers to any bank in New Zealand for finance or takeovers,” he said. “Nor have I been requested to do so. “We have no intention of opening this subject.”

His bank had not lent money to New Zealand banks because they had not requested it. “We have many times offered our services along that line,” he said. “But they don’t require it.”

Mr Rose said that both he and Mr Tweter thought New Zealand had fine banks with fine management. His bank was certainly in a position to give credit to banks in this country.

“They are pretty independent themselves,” he said. “They are sophisticated in areas of banking, and can teach us about as much as we can teach them.” Mr Rose said that his bank was financing quite a few American importers of New Zealand produce such as meat and wool. “We are here to see what we can do to promote trade

between the two countries,” said Mr Rose. The interest rate of banks in New Zealand to their customers was lower than the rate given by his bank in the United States. “We think that industry that needs financing is very fortunate to have that interest rate pattern,” he said. Mr Tweter is also president of the United California Bank. This is a commercial bank with 192 offices covering all parts of the state of California. Both he and Mr Rose have visited Auckland and Wellington, where they have had talks with leading bankers. They will attend the Pacific Industrial Conference in Sydney next week. There Pacific trade would be discussed in depth, said Mr Tweter.