Wellington, Jan 6 NZPA - Australian-incorporated Australia and New Zealand Banking Group has been registered as a bank in New Zealand and will operate in a limited capacity as a branch in this country, the Reserve Bank says.
The ANZ group yesterday announced the establishment of a licensed banking branch in New Zealand.
Today the Reserve Bank said the status and lending activities in New Zealand of ANZ National Bank -- which is owned by the ANZ group -- were unaffected.
"The activities in New Zealand of the Australia and New Zealand Banking Group Limited branch will be restricted, and will not include any retail banking or lending to customers," the Reserve Bank said.
"The new branch will be permitted to acquire mortgages originated by ANZ National Bank Limited and will be funded by the parent bank. The value of the mortgages held by the branch must not exceed $15 billion in aggregate."
ANZ National Bank said today that the move by the parent bank to open a branch in New Zealand had no impact on the status of ANZ National which remained a New Zealand-registered bank.
All loans in New Zealand would still be originated through ANZ National.
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