Private Bank Chooses First NZ Capital

16 December 2004

Bank of New Zealand Private Bank Chooses First NZ Capital

First NZ Capital has been chosen to provide custodial and administrative services for the hundreds of millions of dollars in investments that Bank of New Zealand manages on behalf of its Private Bank clients.

Bank of New Zealand’s Private Bank head, Ralf Hohwieler, says the new arrangement – which takes effect this month – will mean First NZ Capital’s ‘Asset Tracker’ system will provide reporting and administrative services to Private Bank.

“Utilising the services of First NZ Capital, Bank of New Zealand will provide clients with reports on the status and value of investment portfolios, and will prompt corporate duties, such as the requirement to provide a tax certificate on behalf of a client.

“Overall, the new arrangement means topline service for our team of Private Bank bankers and, in turn, better service for Private Bank clients,” Mr Hohwieler said.

“More importantly, the First NZ Capital service will provide a basis on which Bank of New Zealand can extend and grow its Private Bank business. I expect First NZ Capital to be a strategic partner for Private Bank over the long-term,” Mr Hohwieler said.

ENDS

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