SME’s $3 billion ANZ boost

Tuesday 7th December 2010

ANZ has announced it will make $3 billion in new lending available during 2011 to assist small and medium-sized businesses access appropriate credit and assist New Zealand’s economic recovery.

ANZ New Zealand chief executive David Hisco said the announcement highlighted ANZ's commitment to assisting the recovery which included "supporting a number of sectors such as commercial property investment and development which has been hit hard by the collapse of finance companies."

"We've remained strong through the financial crisis by maintaining sound lending criteria. The $3 billion pledge that we're making highlights the commitment we have to helping develop a strong small and medium-sized business sector."

The $3 billion commitment to new lending comes in addition to the $3.5 billion ANZ New Zealand already expects to lend in 2011 to re-finance existing customer facilities.

ANZ also announced the establishment of a new specialised Business Banking unit as part of its focus on small business to be led by Fred Ohlsson (subject to Reserve Bank of New Zealand approval).

"Small and medium sized businesses are the life blood of the New Zealand economy and as New Zealand's largest bank, we have a critical role to play in supporting their growth and the national economic recovery," Hisco said.

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