How did 2 NZ banks fare in 2021?

Be the First to Comment Read

How did 2 NZ banks fare in 2021?

banking sector
Image source: haireena,


  • 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.

NZ Banks- WBC, ANZ

Source: © 2021 Kalkine Media® data source- Refinitiv

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.


Speak your Mind

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK