Two more banks registered
PA Wellington Two new banks have been cleared to operate in New Zealand. The State Bank of South Australia and Barclays Bank have had their New Zealand branches registered as banks, said the
Reserve Bank governor, Dr Don Brash.
In the Barclays case, the branch will be taking over the present operations of Barclays Bank New Zealand once its takeover of that company is complete. The branch operation
of State Bank of South Australia will take over the New Zealand operations of its recently acquired New Zealand subsidiary, Security Pacific Bank New Zealand. The bank registration policy provided the flexibility for existing banking
operations conducted through a subsidiary to be converted to a branch structure and vice versa, said Dr Brash. The Reserve Bank is processing five further applications for hank licences, he added.
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Press, 8 December 1988, Page 25
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138Two more banks registered Press, 8 December 1988, Page 25
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