Forum Archive Index - December 2003

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Hi Rodney,
 
> 
> Was in at my local WRI store this week! My family has been with WRI
> for as long as I can remember (wrightstephinson). I was a wrightson
> finance client until they sold it to Rabo so have been with Rabank
> ever since. 
>

How have you found the service at Rabobank?     What would it take 
for WRI to 'win you back' as a finance customer?

You may have already answered this when you said that customers 
now want:

"internet banking, forward exchange cover and flexibility if things go 
wrong."

I take it Rabobank offers this.    I thought that 'forward exchange cover' 
was part of the Wrightson's 'Solutions Strategy'?    Accordingly I 
thought they might be more sympahetic if 'things go wrong' too?   
Perhaps I am reading too much into the PR spin in the WRI annual 
report?

Do you feel the existing big four banks (ANZ/National, BNZ, Westpac 
and ASB ) are in the hunt in offering anywhere near a competitive 
service?

>
>Until recently deposits went into the Wri office over the
> counter and they would bank them, so they WRI and rabo were working
> together sharing the same building, computers etc, and as was
> correctly stated on sharechat last week this period is over. Rabo are
> moving out into new premises and they informed me that Wrightsons 
>were now the opposition. 
>

That is very interesting.   A giant European Bank quaking in their boots 
at the emergence of WRI as a competitor?

>
>Imho if WRI get back into the lending thing they
> will have a lot of ground to make up. The rural sector is becoming
> more discerning we want internet banking, forward exchange cover and
> flexibility if things go wrong! 
>

I know that WRI have an internet presence via an on-line store, so 
maybe on line banking is not too much of a leap for them to make?   
MD Allan Freeth is a finance man, so they probably couldn't have 
anyone better at the helm if WRI want to get back into finance.

>
>Wrightsons store is slow which is not surprising given the NZ$
> however town people cant get enough lifestyle blocks which are selling
> extremely well and likewise farms so the real-estate side must be
> doing well if local sales are anything to go by.
> 

The high $NZ ( vs US) must be a worry, although with the NZ interest 
rates now below those available in Australia. perhaps NZ farmers will 
see some relief in this area?    At least for once, the weather seems to 
be behaving itself all over the country.

SNOOPY



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