ANZ, DBS Bank & EDC close maiden sustainability loan for Tata Communications

Source: ANZ statements

The transaction is the first SLL for Tata Communications under the company’s new SLL framework. Through the framework, a first of its kind in the sector in India, Tata Communications intends to link its funding with key objectives such as carbon emission reduction targets (non-financial covenants) that are core and material for the company’s long-term sustainability performance.

The interest rate margin of the loan will be adjusted up or down in accordance with the progress that Tata Communications will achieve on its carbon emission reduction targets. Such short-term targets, creating a link between the cost of banking facilities and progress achieved on key environmental milestones, are consistent with the company’s longer-term ambition to be Net Zero across its global operations by 2035.

Stella Saris Chow, Head of Sustainable Finance, International, ANZ said: “ANZ is pleased to have played a lead role in Tata Communications’ maiden SLL. We see significant opportunities for other companies to align their financing with their environmental commitments and believe the facility will pave the way for other borrowers in India and across Asia to set robust sustainability performance targets. ANZ has a strong presence in Asia and we are well-positioned to support our clients to reduce emissions and transition to net zero.”

 

About Tata Communications

A part of the Tata Group, Tata Communications (NSE: TATACOMM; BSE: 500483) is a global digital ecosystem enabler powering today’s fast-growing digital economy in more than 190 countries and territories. Leading with trust, it enables digital transformation of enterprises globally with collaboration and connected solutions, core and next gen connectivity, cloud hosting and security solutions and media services. 300 of the Fortune 500 companies are its customers and the company connects businesses to 80% of the world’s cloud giants. For more information, please visit www.tatacommunications.com

ANZ Key Dates 2H24 & 1H25

Source: ANZ statements

ANZ Group Holdings Limited (ANZGHL) has previously released dates for the 2024 Full Year Results Announcement and 2024 Annual General Meeting which are repeated below. The release dates for the Australia and New Zealand Banking Group Limited 2024 June Quarter (3Q24) APS330 Pillar 3 disclosure and ANZGHL 2025 Half Year Results Announcement are now added.

Wellington skyline gets a facelift as BNZ’s new building in the central city officially opens

Source: BNZ statements

Te Whanganui ā Tara (Wellington’s) skyline is evolving as Bank of New Zealand’s (BNZ) 15-storey new home in the central city – BNZ Place – today officially opened its doors to colleagues and customers.








Under construction since 2020, the architecturally designed building, occupies a full city block on the corner of Whitmore Street and Customhouse Quay, and was officially opened by Finance Minister Nicola Willis at a special event this morning.

CEO Dan Huggins says the striking new building reflects BNZ’s longstanding commitment to the capital city.

“BNZ has been proudly serving Wellington’s communities for 160 years, and BNZ Place not only reflects our commitment to the city but also our vision for the future. We’re thrilled that we are able to share this vibrant and innovative space with our customers, colleagues, and the people of Wellington.”

Designed to be modern and resilient, the building’s unique shape and structural design was informed by extensive research, including wind tunnel testing and seismic hazard assessments. The new headquarters represents a fresh start after the former BNZ building on Waterloo Quay was demolished in 2019, one of several buildings deemed irreparable after the Kaikōura earthquake in 2016.

BNZ Place offers a branch and customer service centre for retail and business banking and a public café on the ground floor. As New Zealand’s largest business bank, BNZ’s Partner Centre offers BNZ business customers state-of-the-art meeting rooms and office space with views of Wellington’s harbour which can be booked and utilised at no cost.

Newcrest Director Lincoln Fraser says, “We are proud to welcome BNZ’s customers and colleagues into their new Wellington home at the completion of what has been an exciting and highly collaborative project. The Newcrest and BNZ project teams have worked closely together to deliver a landmark building with market leading resilience and energy efficiency.”

BNZ Place at 1 Whitmore Street combines sustainability and innovation, aiming for a 5-star green rating with features like high-performance solar control glass and energy-efficient systems, supported by base isolation and a structural steel diagrid. Efficient floorplates, a double-height high entry lobby, inter-floor stairs, a rooftop courtyard, and panoramic views contribute to the state-of-the-art facility.

The design, development and internal fitout of the building also provided an opportunity for BNZ to support its business customers, with Studio Pacific Architecture, Vidak, Alaska Construction, Europlan, and Egmont Dixon all contributing to the build. In addition, the bank collaborated with another BNZ customer, Maxwell Rodgers, using their sustainably sourced wool fabrics to re-upholster and up-cycle furniture from the bank’s previous office, reducing waste to landfill.

“BNZ Place firmly cements our commitment to the capital, and we look forward to welcoming everyone to our new home,” Mr Huggins says.

Tracing BNZ’s roots in Wellington

BNZ’s history in Wellington began in 1862 with temporary offices on Willis Street. Over the years, BNZ has been a pioneer in architectural innovation, from the first drive-in bank in New Zealand to the construction of the Aon Centre in Wellington in the 1980s, the tallest building in New Zealand at the time of construction.

The bank’s architectural legacy includes the innovative use of reclaimed land for its early headquarters, the 1901 building designed by Thomas Turnbull, the purpose-built BNZ Centre in 1985, and the transition to a 5-star green building on the Wellington waterfront.

A brief history

In 1862, BNZ purchased a triangular section on reclaimed land with a frontage along Lambton and Customhouse Quay. The architect was William Mason of Dunedin. The location of the entrance door was later moved due to Wellington’s high winds.

Wellington 1863 building. Cnr Lambton and Customhouse Quay.
Wellington 1863 building. Cnr Lambton and Customhouse Quay. Photograph taken 1878 and shows the relocation of the main doorway.
Wellington premises built in 1901 (before removal of parapet) c.1920
Wellington Branch premises 1901 (after parapet removed) photo taken 1978.

 

In 1899, the earlier bank and adjoining Brandon Building were demolished to be replaced with a larger building following the subsequent purchasing of an additional 4 sections of land.

Since 1901, three other buildings on the block bounded by Lambton and Customhouse Quays and Hunter Street were purchased and occupied by various departments of BNZ’s Headquarters.

 

In 1985, the purpose built BNZ Centre was opened across the road. An underground tunnel linked the Old Bank and the New ‘Black Tower’. At the time of its construction, it was the tallest building in NZ (replaced by the BNZ Tower when that opened in Auckland in 1986). It remained the tallest building in Wellington until the opening of the Majestic Centre in 1991.

BNZ Centre, Wellington 1984

 

In 2009 BNZ moved out of the BNZ Centre and leased a purpose-built office building located on the Wellington waterfront, referred to as ‘Harbour Quays’. Owned by Centre Port, this building was a 5-star green building, later achieving 6 start for the interior fitout. Following the November 2016 earthquake, the building remained empty with BNZ staff re-located into temporary office sites around the Wellington CBD. The building has since been demolished.

 

 

 

 

BNZ colleagues from The Terrace, Spark Central and Ricoh House are now reunited at BNZ Place, Wellington. A branch, community centre and collaborative workplace will co-exist in the same building in the heart of Wellington’s CBD. ​​​​​​​​​​​​​​​​​​​​​​

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Consumer confidence: back above 80

Source: ANZ statements

• Consumer confidence rose 3.3pts last week to 80.3pts. The four-week moving average fell 0.4pts to 79.5pts.

• ‘Weekly inflation expectations’ ticked up 0.1ppt to 4.9 per cent, keeping the four-week moving average unchanged at 4.9 per cent.

• ‘Current financial conditions’ (over last year) softened 0.3pts, while ‘future financial conditions’ (next 12 months) jumped 9.9pts.

• ‘Short-term economic confidence’ (next 12 months) was up 5.4pts and ‘medium-term economic confidence’ (next five years) rose 1.1pts.

• The ‘time to buy a major household item’ subindex increased 0.7pts.

ANZ-Indeed Australian Job Ads: downhill

Source: ANZ statements

ANZ Economist, Madeline Dunk: “The (revised) ANZ-Indeed Australian Job Ads series shows a softening over 2024, with an 8.2% fall since the end of last year. Other data also show the labour market is cooling, but only gradually.

The latest labour force survey had employment up 71k over the three months to May, less than half the pace seen over the same period last year. While the unemployment and underemployment rates are up 0.5ppt and 0.8ppt respectively from this cycle’s lows, they have both lifted just 0.1ppt since December last year. Annual growth in hours worked has also slowed to just 0.6% y/y, well down from last May’s 5.2% y/y. The path of Job Ads suggests we’ll see a continued moderation in the labour market over the coming year.”

Indeed Senior Economist, Callam Pickering: “In May, the decline in ANZ-Indeed Job Ads was relatively broad-based, with the largest subtractions coming from Victoria and Western Australia. The annual fall has been concentrated in New South Wales and Victoria, with more minor declines across the rest of Australia.

Accounting and construction Job Ads subtracted the most from national Job Ads in May, which offset some strength in education and for nurses. Overall, Job Ads are down in around 90% of occupational categories over the past year.” 

ANZ named No.1 bank for customer relationship strength for the 15th time

Source: ANZ statements

ANZ was also named No. 1 for overall lead bank penetration and market penetration, business momentum, and most trusted adviser.

The survey also recognised ANZ as No.1 market leader for Environmental, Social and Governance (ESG) and sustainable finance, and equal-first for advice and insights for ESG and sustainable finance.

ANZ Managing Director Institutional Australia & PNG (Acting), Jo Scotney, said: “This result is a testament to our team for their ongoing focus on building and maintaining customer relationships, as well as providing strategic advice and solutions across our core products and services, and the increasingly important area of ESG.”

In the Coalition Greenwich, 2024 Large Corporate & Institutional Transactional Banking Survey, Australia, ANZ was ranked No. 1 for transaction banking product development and innovation for the second consecutive year. It was also named lead bank penetration for overall transaction banking and separately, for trade services, as well as no.1 for market penetration for host-to-host and trade platforms.

ANZ Managing Director of Transaction Banking, Lisa Vasic said: “We are appreciative of the feedback from our customers that recognises ANZ’s continued investment in our people, payments and cash management platform. We remain committed to helping our clients with tools and insights to help them make the most of strategic business opportunities as they adapt to a digitalised landscape.”

Highlights of the Coalition Greenwich, 2024 Large Corporate & Institutional Relationship Banking Survey, Australia (Ranking the four major banks)

  • #1 Relationship Strength Index (15 times since 2005)*
  • #1 Lead Bank penetration 2016-24 
  • #1 Overall Market penetration 2013-24 (=1st in 2024) 
  • #1 Most Trusted Adviser 2016-21, 2023-24
  • #1 In Business Momentum 2024
  • #1 Market Leader in ESG/Sustainable Finance 2021-24
  • #1 for Knowing Company’s Industry best 2014-24**
  • #1 for Advice and Insights for ESG & Sustainable Finance 2022-24 (=1st in 2022,2024) 


Coalition Greenwich, 2024 Large Corporate & Institutional Transactional Banking Survey, Australia
(Ranking the four major banks)

  • #1 Transaction Banking Product Development and Innovation
  • #1 Lead Bank Penetration for Overall Transaction Banking
  • #1 Market Penetration for Host-to-Host and Trade Platforms
  • #1 Lead Bank Penetration for Trade Services

* #1 RSI in 2005-06, 2008, 2010 (=1st), 2011, 2014-21, 2023-24

ANZ welcomes passage of legislation in Queensland Parliament

Source: ANZ statements

Following its proclamation, the State Financial Institutions and Metway Merger Amendment Act (the Act) will amend the Metway Merger Act to facilitate ANZ’s proposed acquisition of Suncorp Bank.

This follows the decision of the Australian Competition Tribunal to authorise the proposed acquisition on 20 February 2024.

Completion of the acquisition remains subject to the commencement of the Act and approval by the Federal Treasurer.

ANZ remains committed to completing the acquisition as soon as possible once all sale conditions are met.

Consumer confidence six-month low

Source: ANZ statements

• Consumer confidence declined 3.5pts last week to 77.0pts. The four-week moving average fell 0.8pts to 79.9pts.

• ‘Weekly inflation expectations’ fell 0.2pts to 4.8 per cent, while the four-week moving average was unchanged at 4.9%.

• ‘Current financial conditions’ (over last year) dropped 4.2pts, while ‘future financial conditions’ (next 12 months) declined 4.9pts.

• ‘Short term economic confidence’ (next 12 months) was down 5.6pts and ‘medium term economic confidence’ (next five years) fell 1.4pts.

• The ‘time to buy a major household item’ subindex softened 1.5pts.

BNZ brings back the branch experience

Source: BNZ statements

Bank of New Zealand (BNZ) today announced all of its branches across New Zealand will open at least five days a week by April 2025, in response to growing customer demand for more face-to-face interactions.

Anna Flower, BNZ Executive Personal and Business Banking, says BNZ’s focus is on being available for our customers when they need us.

“In recent years, we saw a massive shift in customer demand towards online and call centre services, which was accelerated hugely during the pandemic. We adapted quickly at that time by moving our bankers to where our customers needed us most, which saw us reduce the number of days many of our branches were open,” says Flower.

“Post-Covid, customer preferences have continued to evolve, and in those moments that matter, such as starting a business, dealing with a bereavement, or buying a home, we’ve heard from our communities and our personal and business customers that they want more opportunities to talk to us face-to-face.

“For those significant moments, we understand it’s the personal touch that counts. That’s why we’re bringing back 5 day a week opening to give customers access to our bankers’ expertise when and where they need us.

“This means where there’s a BNZ branch near you, the doors will be open 9.30am until 4.00pm, a minimum of 5 days a week,” says Flower.

The first BNZ branches to transition to opening five days a week are:

  • Feilding
  • Matamata
  • Oamaru
  • Te Awamutu
  • Thames
  • Te Puke
  • Wānaka

The remaining branches will move to full week-day operating hours by April 2025.

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BNZ’s new Māori Business Sentiment Survey reveals challenges and opportunities amid economic headwinds

Source: BNZ statements

Bank of New Zealand (BNZ) today released the findings of its inaugural Māori Business Sentiment Survey, aimed at providing insights into the current state and future prospects of Māori enterprises. The survey highlights the economic challenges being faced by Māori businesses, while also revealing their resilience and potential for growth.

Whetu Rangi, BNZ’s Head of Māori Business, says the survey aims to address the lack of comprehensive data on the experiences and perspectives of Māori businesses.

“The data gap around the sector has been a barrier to understanding and supporting the Māori economy. By launching this survey and committing to conducting it regularly, we are aiming to bridge this gap and foster ongoing collaboration and knowledge sharing. We believe that this survey will become a valuable tool to promote better understanding of the sector and help facilitate the flow of capital within the Māori economy.”

The survey, which received 125 responses from those involved with Māori businesses, revealed that economic conditions pose the most significant challenge for Māori enterprises, with 71% of respondents selecting it as their top concern. The findings also showed that nearly half (46%) of the respondents observed deteriorating business conditions over the past 12 months, while only a small fraction (15%) witnessed improvements.

Mike Jones, BNZ’s Chief Economist, says that the survey results broadly mirror weak business confidence across the economy.

“The sentiment expressed in these findings echoes what we’re witnessing in other parts of the economy as we navigate through the trough of the economic cycle. If anything, the confidence levels amongst survey respondents are on the weaker side of broader confidence indicators. This may reflect the Māori economy’s considerable investments in agriculture, forestry, and property – sectors that are currently under some strain,” he says.

Other findings include:

  • The majority (82%) of respondents expect costs to increase further over the coming 12 months.
  • Over the coming 12 months, more survey respondents expect profitability to deteriorate than to improve (27% increase vs. 33% decrease).
  • A similar proportion of respondents expect employment levels in their business to drop (29% increase vs. 34% decrease)

Opportunities amidst adversity

Despite the challenges, the survey also revealed signs of resilience and optimism among Māori businesses. While only 15% of respondents saw improvements in business conditions over the past year, a higher proportion (26%) anticipate better conditions in the coming 12 months.

Furthermore, more than 1 in 3 (37%) of those responding to the survey intend to boost investment in the coming year versus 24% that expect it to decrease. This may be signalling confidence in future growth potential.

“The investment plans reported in our survey are more robust compared to what we’ve seen in other business confidence surveys. As the economic cycle matures, we’ll be closely monitoring whether these intentions gain further momentum,” says Jones.

About the BNZ Māori Business Sentiment Survey

The launch of this survey is a continuation of BNZ’s commitment to Māori business and contributes to its wider strategy to facilitate financial solutions for Māori and enable whānau Māori and businesses to prosper.

More detailed findings and analysis are available here.

An infographic is available here.

The survey was in field May 2024 with base n = 125. Results are indicative, collected using a sample of convenience including BNZ Māori business customers. Results are intended only for discussion and should not be relied upon for decision-making or regarded as representative of the Māori business sector as a whole. For more information on how BNZ can support Māori businesses, visit Māori Business – BNZ.

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