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Company Profile
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Westpac New Zealand Ltd – Company Profile
Westpac New Zealand Ltd (Westpac NZ) a subsidiary of Westpac New Zealand Group Ltd, which in turn is a subsidiary of Westpac Banking Corp, is a provider of consumer, business and institutional banking services to corporate, institutional, and government entities based in New Zealand. The company offers personal, business, and agribusiness banking services. It also provides its financial services for property finance, agricultural, institutional, and government customers. In addition, the company offers fund management and investment services. Its offering includes...
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Sector Analysis
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New Zealand Retail Banking: Opportunities and Risks to 2023
The majority of New Zealand’s loan balances outstanding are from home loans, with residential mortgage balances outstanding accounting for 88.7% of total balances outstanding in 2018, followed by personal loans (8.7%) and credit cards (2.5%). However, high household debt and low consumer confidence are expected to negatively affect the growth of total loan balances outstanding in the coming years. As a result, we estimate the balances outstanding to grow at a lower CAGR of 6.4% over 2019-23. The New Zealand...
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