New bank registered

Release date
06 January 2009

The Reserve Bank of New Zealand today announced that Australia and New Zealand Banking Group Limited has been registered as a bank in New Zealand.

Australia and New Zealand Banking Group Limited, which is incorporated in Australia, and is the owner of ANZ National Bank Limited, will operate in a limited capacity as a branch in New Zealand. The status and lending activities of ANZ National Bank Limited in New Zealand are unaffected.

The activities in New Zealand of the Australia and New Zealand Banking Group Limited branch will be restricted, and will not include any retail banking or lending to customers. The new branch will be permitted to acquire mortgages originated by ANZ National Bank Limited and will be funded by the parent bank. The value of the mortgages held by the branch must not exceed $15 billion in aggregate.

There are now 19 registered banks in New Zealand, which are listed on the Reserve Bank's website.

For further information contact
Mike Hannah
Head of Communications
Ph 04 471 3671, mike.hannah@rbnz.govt.nz