Aust, farm bank opens
An Austrlian bank specialising in agricultural lending opened offices in Christchurch and Auckland yesterday. Although the Primary Industry Bank of Australia has a. full banking licence for New Zealand it intends limiting itself to farming customers, at least until it has become established here.
The managing director of the bank, Mr John Frearson, said its main interest was large farms. The smallest amount of money that could be borrowed was $150,000. The bank had expanded into New Zealand because it considered prospects for agriculture were now improving. It was not interested in acquiring parts of the bank in the future if they became available, said Mr Frearson.
The Christchurch office would be the base for the South Island, while the North Island would be covered by the office in Auckland.
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Press, 1 August 1989, Page 2
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134Aust, farm bank opens Press, 1 August 1989, Page 2
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