Japanese banks wait

Press, 13 December 1986, Page 34

Japanese banks wait

PA Wellington Japanese banks are playing a wait-and-see game with the New Zealand economy before they set up here,, according to Price Waterhouse banking specialist, Mr John Meehan.

Mr Meehan has just returned from discussions with top Japanese bankers in Tokyo, following the deregulation of the banking industry in this country.

He said most of the banks indicated they were looking at the New Zealand situation and were interested in who was going to make the first move.

“One of the banks did express some concern that there may be discrimination against foreign banks, but I emphasised that our Government would not do that,” Mr Meehan said in a

statement. “I told them that the Government’s philosophy was one of free market conditions with no discrimination. They seemed reassured to hear that.” Mr Meehan said discussions with some of the banks had gone as far as discussing the availability and cost of experienced banking staff in New Zealand, and the overseas markets they would have to approach if they needed to bring in more staff.

In the last year, Japanese banks have set up 23 new offices and branches in Australia and Mr Meehan said many bankers believed they could service New Zealand from there.

“However, they all stressed that they don’t dismiss New Zealand, even though it’s very small,” he said.