How did 2 NZ banks fare in 2021?

December 31, 2021 05:10 PM NZDT

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Jasmine Anand

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Jasmine Anand - Financial Journalist
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Jasmine Anand is a Financial Journalist at Kalkine. She has an extensive experience of 11 years in varied domains like finance, E-commerce, content curation, product research, education and telecom. She has earned a Master in Business Administr...
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Shaghil Bilali - Research Editor
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Shaghil Bilali is a research editor with 15 years of experience in different verticals across media. He has worked with some of the leading media organisations in India. Before joining Kalkine Media, he was with Microsoft News' Canada overnight opera...
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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.

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.

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.