Auckland out of bank group
PA Wellington The Auckland Savings Bank (A. 5.8. which has withdrawn from the Trust Bank Group, says the change to two separate organisations would prove to be a sound commercial move. Earlier yesterday the chairman of Trust Bank, Mr Lomond Seel, said the announcement came as a surprise to Trust Bank’s board but would not hinder the future development of the group.
The A.S.B. said that it was a prime mover in the formation of Trust Bank, but six months after formation it had become apparent that it was more commercially logical to have two important groups. . The withdrawal of the A.S.B. leaves two main
groups about the same size, the 10-member group and the A.S.B. Taranaki also remained a separate organisation. Trust Bank was formed after a request by the Minister of Finance in February, 1985, to have the trustee bank system which was more flexible and responsive to the market within a rapidly developing deregulated financial environment. Mr Seel said the boards of all of the other 10 banks in the group had met to consider the situation and all except Westland (which was still considering its position), have reaffirmed their commitment to Trust Bank.
The same applied to the group’s outside directors and its managing director Dr Don Brash, Mr Seel said.
Auckland out of bank group
Press, 24 December 1986, Page 4
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