BNZ Australia to expand strongly

Press, 9 July 1986, Page 33

BNZ Australia to expand strongly

SIMON LOUISSON

By

in Wellington

The BNZ Australia will open 20/30 new branches in various parts of Australia as part of its aggressive move to become a bank in its own right across the Tasman. The bank will set up a network modelled on the service-centre network in New Zealand. Executives of the bank at a news conference in Wellington talked about how the bank is coping in the new, more competitive environment. The bank has moved strongly into the retail market with a commitment to provide more than sAustlooM in mortgage finance.

The mortgage money is

packaged as “smarter mortgage” and is mostly for loans at fixed rates of interest. The retail banking manager, Mr Eric Dodd, said that the answer for banks such as B.N.Z. was to find such a niche to attract greater market share. The bank has secured agreements with the National Bank of Australia, the A.N.Z., and the Credit Union to allow its customers access to their automated-teller networks for Visa cards. The bank is also working on allowing interchangeable use of Australian and New Zealand credit cards. Mr Dodd said he expected Australians to be able to use their cards in New Zealand by April next year,

but it might take a little longer to work the other way. Access to the New Zealand system is complicated by the Databank link-up.

The cards will also soon be able to be used in automated tellers in both countries.

The chief executive of the bank, Mr ScottKemmis, said that the new banking environment was still shaking down but was putting pressure on margins.

Mr Scott-Kemmis rejected suggestions that Australia was a bad place to invest in at present, saying that there were major opportunities for new Zealand companies during present restructuring.