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Wool Services International changes banks

Fuseworks Media
Fuseworks Media

Wellington, April 23 NZPA - New Zealand Wool Services International Ltd is praising its new banker Bank of New Zealand for supporting the wool industry.

The company said it has re-arranged its banking facilities. It will repay loans from ANZ National Bank and South Canterbury Finance Ltd.

BNZ had provided longer term facilities, which would materially reduce the company's total borrowing costs.

"The directors of Wool Services International are pleased with the support shown by the Bank of New Zealand to Wool Services International and the future of the wool industry," the company said in a statement to NZX.

Trading and scouring activity had improved significantly as predicted in February and the company expected that a satisfactory profit would be achieved for the year ending June 30.

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