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27 Apr 2024

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Spark Finance extends Westpac Sustainability-Linked Loan
Spark Finance Limited, the wholly owned subsidiary of Spark New Zealand Limited (“Spark”) that carries out the borrowing activities for the Spark group, announced today that it has extended the term of its NZ$200 million

Restaurant Brands Renews Banking Facilities
Restaurant Brands New Zealand Limited (RBD) is pleased to announce that it has renewed its current bank lending facilities with Westpac, JPMorgan, Rabobank and Bank of China

More banks move to increase interest rates
Two more banks bumped up their mortgage rates today again in more bad news for borrowers while there are some positive signs for savers with one bank offering 5 per cent interest - the highest rate in some time.Kiwibank and Westpac...

The Front Page: How much longer will the inflation pain last?
Economists believe that inflation may have reached its peak in this cycle, but that doesn't mean it will automatically return to levels we're comfortable with. Westpac senior economist Satish Ranchhod tells the Front Page podcast...

Consumer confidence plunges to lowest level since 1988
The Westpac McDermott Miller Consumer Confidence Index dropped sharply in the June quarter, falling to the lowest level recorded since the survey began in 1988.The drop of 13 points to a level of 78.7 indicates that there are far...

Deloitte says Westpac NZ has made progress on liquidity risk management
Westpac NZ has welcomed the findings of an independent review by Deloitte into the bank's liquidity risk controls and risk culture, and says it is concentrating on completing the remaining actions. Deloitte's report was released...

Obituary: Westpac's change agent and former CEO dies
Credited with driving the bank to the top in the 1990s, Westpac New Zealand's longest-serving former chief executive, Harry Price, has died aged 80.Price joined the bank in 1961 as a junior in Dunedin and remained a loyal employee...

Westpac forecasts house prices to fall 15% in two years, takes more bearish stance
Westpac has forecast house prices will drop by 15 per cent in the next two years.It is now taking a far more bearish stand than it had previously and is gloomier than other economists forecast of a 10 per cent price drop.Michael...

Comvita announces new syndicated banking arrangement
We are delighted to announce today we executed a new $115.0m syndicated banking facility agreement with Westpac Bank and the ANZ Bank. This follows an extensive and very competitive bank tender

Westpac 2022 Full Year Financial Results Announcement
Westpac Banking Corporation (“Westpac”) today provides the attached Westpac 2022 Full Year Financial Results Announcement (incorporating the requirements of Appendix 4E)

NZ beef and lamb markets remain strong despite global uncertainty - Westpac report
RNZ Red meat farmers are set to get good returns this year, as beef and lamb markets remain strong amid global uncertainty.Westpac is forecasting farmgate beef and mutton prices to hit $7/kg and the farmgate lamb price to exceed...

Who TV chef Ganesh Raj's Tasting Shed owes money to
Creditors of TV chef Ganesh Raj's now shut restaurant include former staff, the tax department and Westpac bank.Raj, the co-host of Eat Well For Less, and his wife Jo Ganesh made the tough call to place the Tasting Shed into liquidators...

New CEO for Heartland Bank
Heartland Bank has poached a new chief executive from insurer Westpac Life.Leanne Lazarus will start in the role on August 1 leaving her current position as chief executive and executive director of Westpac Life.Westpac Banking...

The Front Page podcast: 'Significant correction under way' - Who will be hit hardest by house price falls?
Westpac last week predicted that house prices would decline by 15 per cent over the next two years, striking the gloomiest note we've seen so far from the major banks. Independent economist and frequent OneRoof contributor Tony...

Westpac half year cash profit up 9pc to $635 million
Westpac New Zealand made a cash profit of $635 million for the six months to March 31 - up 9 per cent on its 2021 first half largely driven from the gain on the sale of its life insurance business.Excluding notable items its cash...