The Bank of New Zealand (BNZ) has created a new position - head of Maori business - as it eyes the near NZ$37 billion worth of "Maori economy" assets following Treaty of Waitangi claim settlements.
Pierre Tohe, a senior corporate lawyer who has worked for the BNZ for eight years, has been appointed to the role. The bank said Tohe's appointment boosts an already strong relationship between BNZ and Maori that has seen it provide funding and financial advice for Maori business ventures in industries such as agribusiness, commercial property and geothermal infrastructure.
In a statement Tohe himself said these were unprecedented times in Aotearoa/New Zealand.
"As Treaty of Waitangi claims are settled we’re witnessing the largest transfer of wealth from the Crown balance sheet to Maori in our lifetime," he said.
"This huge economic shift will need support from the local banking industry and I firmly believe BNZ has the ability, desire and right attitude to provide this support," Tohe added.
Based on Te Puni Kokiri, or the Ministry of Māori Development, figures the total asset base of the 2010 Maori economy was NZ$36.9 billion, up NZ$20 billion from 2005/6.
ANZ, ASB & Westpac also eyeing Maori economy
Other banks are also targeting the Maori economy. An ANZ New Zealand spokesman said his bank appointed David Harrison as its head of Maori relationships in March. A Westpac New Zealand spokesman said his bank had been running a national Maori strategy for some time and it was being expanded.
And an ASB spokeswoman said her bank established a Maori banking services team more than a year ago. It includes the Hamilton-based national manager for Maori relationships, Anthony Ririnui, and Whakatane-based Maori relationship manager Stephen Clayton.
Meanwhile, Tohe said the creation of a head of Maori business role at BNZ formalised "an ingrained culture of support" for Maori business.
“I’ve been with the bank for nearly eight years now and I see a genuine desire to promote Maori business excellence. BNZ is involved in a number of initiatives and events such as the Ahuwhenua Trophy and Maori agribusiness scholarships at Massey University and this involvement, at all levels, is only going to grow," Tohe said.
Shelley Ruha, BNZ's head of institutional banking, said Maori business interests in New Zealand were poised for a period of substantial growth.
Tohe has a Master of Laws degree and is fluent in te reo.
(Updates add comments from ANZ, ASB and Westpac).
4 Comments
"As Treaty of Waitangi claims are settled we’re witnessing the largest transfer of wealth from the Crown balance sheet to Maori in our lifetime," he said.
If the Iwi leaders have any sense they would try to keep the banks from getting their fingers anywhere near that wealth.
The rousing giant of Maori money.
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10749076
On a side note. I thought the treaty settlements were to benefit the entire Iwi. Why aren't they doing more to help/support all their people? It might help to defuse the "brown poverty timebomb".
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10748864
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