An unexpected rise in profits by foreign-owned banks in New
Zealand contributed to a considerably larger-than-expected
current account deficit of $4.6 billion in the three months
ended September.
Top executives and managers of listed Pyne Gould Corp -
involved in establishing a New Zealand-owned "heartland" bank
- have been rewarded with $1.8 million in shares, affecting
both PGC and the heartland bank's holding company.
New Zealand households are being urged to improve the
quantity and quality of their savings to help the rebalancing
of the economy, particularly away from external debt.
Westpac New Zealand chief executive officer George Frazis was
in Dunedin yesterday, celebrating another successful part of
his strategy of "more banks in more places".
Banks in New Zealand face a series of constraints as they
seek to move ahead following the global financial crisis,
KPMG's annual financial institutions performance survey says.
Fallout from fraud charges levelled against Goldman Sachs
Group will be felt around the world with financial markets
already starting to be affected as investor sentiment sours.
