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11 Comments
hmm, weird , no comments , is it not what everyone wanted ? Ok , so govt buys Kiwibank , and forbids non-kiwi banks to operate on NZ in retail banking , does it mean the govt will fully control mortgage market :) ? smells with "you will own nothing and be happy" :)
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Correct. The 4 major banks here are established here, but owned by Aussie parents and also listed. Westpac and ANZ are listed in NZX also. CBA and NAB can be bought in Aussie Exchange.
This rule is aimed at Overseas Banks which have been given licence to open branches here. Like Bank of Baroda (from India) and may be some Chinese Banks.
It's about operating as a branch versus operating as a distinct NZ incorporated legal company, not closing down operations as retail banks. RBNZ forced Westpac and others to become companies and not operate as a branch, as they previously did, of their overseas parent. The reasons are to do with avoiding shifting of assets between jurisdictions in the event of bail-in/out and stand-alone survivability.
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