Elliott: Outstanding result, balanced across all divisions
Initially the bank’s transformation focused on the Institutional and New Zealand businesses which were now performing well, Elliott said, and the time was right to focus on Commercial. The division supports about 650,000 small businesses – everything from sole traders to mid-size corporates in sectors like manufacturing, agriculture or health care. “Many of these customers are trading businesses that are traditionally “asset-heavy businesses, so they don't tend to borrow a lot,” Elliott said. As a result of that, we get a lot of their deposits and for every dollar of deposits we get in that sector, we lend back about 50 cents back to help our small businesses grow. “We need to be able to hire the very best technology people, apply the very best technology.
1 month ago
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