Rumour of sale denied by NZI
p A Auckland NZI Corporation yesterday denied speculation that it would soon announce the sale of its wholesale banking business.
NZl’s corporate affairs manager, Mr Owen Cook, said rumours that the sale of NZI Bank would be announced today were untrue. NZI had not yet received any bids for' the bank but had received several inquiries. “Inquiries and bids are two different things," Mr Cook added. If a bid were received and negotiations entered into, NZI would immediately have to tell the Stock Exchange under listing requirements.
That had not been done because there was no bid and no negotiations. Mr Cook said that not only had NZI not received any bids for the bank, but it had no knowledge any were about to be made. Rumours of the imminent sale of the bank have been rife for the last few weeks. Speculation at first centred on Countrywide Banking Corporation as a prospective buyer, and more recently Bank of Scotland. The latter bank has a 40 per cent stake in Countrywide.
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Press, 19 May 1989, Page 16
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177Rumour of sale denied by NZI Press, 19 May 1989, Page 16
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