BNZ seals $600m Auckland Council loan
Bank of New Zealand is making $600 million available on loan to the new Auckland Council.
Bank of New Zealand is making $600 million available to the new Auckland Council in the country’s largest syndicated loan since the global financial crisis.
The money, to be made available from a group of lenders including ANZ, Citibank, CBA, HSBC and Westpac, will provide the council with standby support for its capital markets programme as well as liquidity funding under its treasury management policy.
It’s understood to be the first syndicated loan for a council in this country and is also one of the largest in the past two years.
BNZ won the multi-billion dollar transactional banking contract for the Auckland Council in March.
In a double-coup, the bank was also chosen as the transactional bankers for the city’s new mega water company Watercare.
The Auckland Council was formed in November when eight councils merged into one -- the most complex corporate merger in the country.
BNZ trumped bids by the country’s three other major banks as the lead bank for the new Auckland Council and its Council Controlled Organisations that will run two-thirds of the city’s services.
BNZ provides corporate banking facilities, online and over-the-counter services from its 178 national branches.
Georgina Bond
Thu, 23 Dec 2010
Thu, 23 Dec 2010
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BNZ seals $600m Auckland Council loan
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