NZ credit unions to merge
Five of the biggest New Zealand credit unions, including NZCU Baywide, are to merge under a single brand as they aim to become a stronger competitor to mainstream banks.
Non-bank surge to continue: KPMG
Non-banks posted a 22.9% increase in net profit last year, according to KPMG's latest non-bank report. The advisory firm tips non-banks to grow further in 2019, as banks tighten up in the aftermath of the Royal Commission.
RBNZ proposals will slow credit growth: Kiwibank
Reserve Bank proposals for banks to hold significantly more cash on their balance sheets will lead to slower credit growth and rising interest rates, Kiwibank economists have warned.
Reserve Bank proposes new capital rules
The Reserve Bank of New Zealand has proposed that banks should hold between 20% and 60% more capital on their balance sheets, a move likely to increase borrowing rates and put more pressure on major lenders.
Resimac tweaks credit assessments
Non-bank lender Resimac is set to change the way it handles customer credit assessments, looking at "credit events", rather than individual listings. The move will make it easier for customers with previous credit issues to access financing.
Non-banks grow market share; RBNZ about to apply brakes to bank lending
Non-bank lenders increase their share of home lending market [READ ON]
New RBNZ capital requirements will slow bank lending [READ ON]