BNZ loses $5.2M
PA Wellington Unauthorised foreign exchange transactions by a Bank of New Zealand officer in Singapore last year lost the bank SUSS.2 million, said the general manager of the BNZ, Mr Bill Shaw, yesterday. The transactions had been ill-judged and the officer concerned had acted beyond his authority and was dismissed. The reverse was a matter of “real concern” to the bank, but the amount had been well accommodated within its foreign exchange dealings which were continuing on a sound and profitable basis, he said. “To be seen in context this figure should be related to the size of the bank’s group net trading income and net trading profit. “In 1982 these figures were $251 million and $7O million respectively.” In spite of the Singaporean reverse the bank’s 1982 group results should be comparable with last year, he said.
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Press, 27 April 1983, Page 34
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141BNZ loses $5.2M Press, 27 April 1983, Page 34
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