Westpac has been operating in New Zealand since 1861. On 1 November 2006, the retail and business banking operations of Westpac became a locally incorporated company called Westpac New Zealand Limited (WNZL).
Westpac Securities NZ Limited (WSNZL) was established as a dedicated entity to provide all offshore wholesale funding for WNZL.
- WSNZL began issuing debt on 1 November 2006
- WSNZL issuance through its London branch, is via covered bond, USCP, ECP/CD, EMTN and 144A programs
- WSNZL's issuance is guaranteed by its indirect parent, WNZL
- Disclosure for WNZL as guarantor is provided via the New Zealand Disclosure Statement (DS) regime as required by the New Zealand Reserve Bank.
(Please also visit us at Bloomberg "WSNZ").
View WNZL's latest investor presentation
Credit ratings for WNZL
|Short term||Long term||Outlook|
|Moody's Investors Service||P-1||A1||Stable|
|Standard & Poor's||A-1+||AA-||Negative|
On 12 August 2014, the Westpac Group announced the resignation of Peter Clare, Westpac New Zealand’s CEO, following a recent major medical procedure. David McLean, the acting Westpac New Zealand CEO, will continue in the role while an internal and external search is undertaken for Mr. Clare’s replacement. See the .
In addition, Mr Clare has resigned his directorship of WNZL & WSNZL effective 12 August 2014. See the .
On 24 February 2012, Fitch announced changes to the credit ratings of Australian major Banks. Westpac along with Westpac New Zealand Limited had its long-term issuer default rating downgraded to AA- from AA with a stable outlook. See the .
On 1 December 2011, S&P announced the updated ratings for Westpac Banking Corporation (Westpac). As a result of the criteria changes, and the update to Westpac’s issuer credit rating, Westpac New Zealand Limited's and Westpac Securities NZ Limited's long term senior unsecured debt rating was lowered to AA-, down from AA. The short term ratings were affirmed at A-1+. The outlook for the ratings remain stable. See the .