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BNZ Plans To Raise At Least $150 Million

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, May 19 NZPA - Bank of New Zealand is hoping to raise at least $150 million from New Zealand retail and wholesale investors, for general corporate purposes.

BNZ lodged a prospectus today for a planned issue of perpetual non-cumulative shares to raise tier 1 capital. Oversubscriptions may be accepted.

BNZ planned to use the proceeds from the hybrid securities offer for general corporate purposes.

The offer was part of National Group's ongoing capital management programme, and consistent with the bank's aim to maintain a strong capital position.

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