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Salient. Victoria University Student Newspaper. Volume 38, Number 25. 2nd October 1975

The National Bank of "New Zealand" Ltd

The National Bank of "New Zealand" Ltd.

This bank is the third largest in New Zealand. It too is British, a wholly owned subsidiary of Lloyds Bank, the 30th largest bank in the world in 1971. The National Bank and Lloyds have dealings with the ANZ through a financial group in which they have mutual interests. Intercontinental Banking Services Ltd.

The National Bank has shares in General Finance (20%) the largest finance company in New Zealand. Other major share holders are Cable Price Downer and New Zealand Motor Corporation. CPD has on the Board Sir Clifford Plimmer and R.W. Steele. The former has connections with the ANZ and the latter is on the Board of General Finance.

General Finance has a 28% shareholding in Chase NBA Ltd., one of New Zealand's Merchant Banks. The other shareholders are the National Insurance Company of NZ which also has dealings with the ANZ, and the Chase Manhatton Bank which is controlled by US Vice President Nelson Rockefeller's brother David.

The executives of the National Bank hold 30 shares in a company called Arawata Investments. In spite of its small capital, this company owns a great deal of shares in New Zealand industry. It owns 2% of the shares of General Finance Ltd. and two director of the former company are also directors of General Finance Ltd. General Finance has at least 12 subsidiaries operating in the same fields as the subsidiaries of UDC. Both General Finance and UDC have been responsible for monopolising the many small finance companies which used to exist in New Zealand. For example. General Finance took over Gisbourne Finance during 1975 and the entire shareholding of Group Rentals which it had previously owned 43% of

The directors of the National Bank's New Zealand Board, of General Finance and Chase NBA Ltd., sit on the boards of many other companies, over 50 in 1974. These companies included Challenge Corporation which has its own finance company. Challenge Finance, Australasian Temperance and General Mutual Life Assurance Ltd., T & G Fire and General Assurance, the National Insurance Company of New Zealand. Mutual Life and Citizens Assurance Co. Ltd., and Credit Investments Ltd., the finance company for the LD Nathan Group. Australasian T & G and MLC Assurance Companies are both in the top ten, having combined assets in 1969. $177.5 million. Both these insurance companies are Australian controlled.