In an interview with a Melbourne newspaper, the head of National Australia Bank (NAB) has insisted that its Bank of New Zealand (BNZ) arm is not about to be sold.
NAB’s chief executive John Stewart told the Australian Associated Press that a more pessimistic economic outlook for New Zealand would not be enough to force a firesale of BNZ. NAB bought the bank from across the Tasman Sea in 1992, and the Australian firm remains confident about its prospects despite rising inflation and slower economic growth in New Zealand.
We spent a lot of time looking at the outlook for New Zealand business painted against our capability to make money, Mr Stewart told the press.
For the foreseeable future – because that’s all we can ever plan – we can get good returns, that will keep shareholders very happy and we can do it by keeping the customers happy and the staff happy.