AUS
NZ
UK
CA
USA
IND
Highlights
- The banking sector is the lifeblood for the functioning of an economy.
- Westpac Banking completes the sale of its NZ$1 billion worth wholesale dealer loan book.
- Australia and New Zealand Banking Group passes a few ordinary resolutions in its recently held AGM.
The banking sector forms the backbone of a country. A well-structured financial system is vital for not only the economic development of a nation but also plays a crucial role in extending financial support to its citizens as well as businesses.
Having said that, let us walk through the two most famous banks operating in Kiwiland.
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Westpac Banking Corporation (NZX:WBC; ASX:WBC)
NZ’s prominent bank, Westpac Banking Corporation, had recently announced the completion of the sale of its wholesale dealer loan book, worth around NZ$1 billion to Angle Auto Finance, thereby simplifying the Group’s operations and at the same time supporting the auto finance industry.
Related Read: Which are top 3 NZ banks to explore in 2022?
The above deal is likely to be settled by March end.
On 31 December, at the time of writing, Westpac Banking traded up by 0.18% at NZ$22.85.
Australia and New Zealand Banking Group Limited (NZX:ANZ; ASX:ANZ)
Australia and New Zealand Banking Group Limited, a few days ago, had conducted its Annual General Meeting.
Also Read: 2 NZ banks that can be explored amid improving youth employment rate
Resolutions were carried out for the election and re-election of Ms O’Reilly and Sir John Key, respectively, as directors of the bank.
Further, shareholders also passed a resolution related to the adoption of the Remuneration Report.
On 31 December, at the time of writing, Australia and New Zealand Banking Group fell by 0.24% at NZ$29.48.
Bottom Line
New Zealand boasts a well-structured banking sector, which has exhibited resilience, thereby successfully navigating through uncertain times of the pandemic.