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New Zealand Banking Industry overview: KPMG's latest survey of the New Zealand Banking and...

Economic conditions in New Zealand have provided a very favourable environment for lending growth in the past 12 months. However, this may not be sustainable through 2004 in view of the volatility of exchange rates and rising interest rates.

The focal point of the year was the completion of the biggest transaction in New Zealand corporate history--the sale of The National Bank by owners Lloyds TSB Group plc to ANZ Bank on 1 December 2003. The transaction means that ownership of all five major banks operating in New Zealand is now held in Australia.

The year

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