Nat West lift
PA Wellington The Nat West Group in New Zealand lifted net after-tax profit to $1,729,305 ($230,724) in the year ended September 30. This was achieved on total assets which increased 20 per cent to $391 million ($325 million).
The group is a whollyowned subsidiary of the National Westminster Bank pic and the parent company is the fifth largest bank in the world in terms of shareholders funds.
Releasing the group’s 1986 annual report, the Nat West Group chairman, Mr G.
Hunter, said: “We are not seeking speculative investment, but rather to expand our current levels of support to New Zealand enterprises we believe to be soundly based and valuable to the growth of the economy.” He said the group had achieved its result in a difficult and increasingly competitive business and banking environment.
Operating companies in the group in New Zealand include National Westminster Finance New Zealand, Ltd, and its merchant bank, Nat West Lombank (New Zealand), Ltd.
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Press, 20 December 1986, Page 35
Word Count
161Nat West lift Press, 20 December 1986, Page 35
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