How did 2 NZ banks fare in 2021?

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How did 2 NZ banks fare in 2021?

banking sector
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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.

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.

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