BNZ wins mandate for new Auckland super-city

Friday 18th June 2010

Bank of New Zealand has won one of the country's largest new clients, taking on the mandate to provide banking services to the new Auckland super-city.

Replacing eight city and district councils, as well as the Auckland Regional Council, the BNZ win creates an incumbent banker for all local government in the Auckland region for the first time, and is described by BNZ as representing a "multi-billion revenue stream".

BNZ services existing local government entities to varying extents, as do other major banks.

Anthony Healy, director, BNZ partners said the new Auckland Council is "the biggest and most complex corporate merger in this country’s history.

"Winning the banking contract is an outstanding result for BNZ.”

The agreement involved a comprehensive tender, evaluation and selection process involving all other major banks, BNZ said in a statement.

Businesswire.co.nz

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