There is an old saying that when times get tough, you find out who your real friends are. I can proudly say that during the global financial crisis (the toughest of times) my bank BNZ proved itself a true friend to its customers and business clients, particularly the farming sector.
We supported them when they needed us most, when other “fair weather” financial institutions were found wanting.
We lent 59 cents in every dollar during the year preceding the crisis – more than all the other trading banks combined.
It is that kind of commitment during a period of unprecedented adversity that reveals the true character of an institution and its people.
When times are tough, people remember how you behaved and a reputation is established, for good or ill.
There is a New Zealand word, ‘whanau,’ a concept, which encompasses the extended family of people in social and business circles. We treat the people we do business with as whanau and, as the crisis showed, BNZ provided unstinting support for our family of businesses in their time of need.
Funding farmers
Farmers in this country are special people.
When other banks decided to stop funding the farming sector, BNZ continued to support our rural communities through innovative solutions provided by Agricapital, a BNZ division which invests equity or structured financing via mezzanine debt capabilities.
Despite the demise of the finance company industry, BNZ has continued to support the property sector by offering our customers the opportunity to structure their transactions with the provision of mezzanine finance.
Putting the shoulder to the wheel is essential but a great bank needs to do much more. When other institutions withdrew investment, we continued to spend on research and development, creating new products and solutions.
Development of new capabilities such as BNZ’s innovative ‘Cashflow Solutions’ product exemplifies our commitment to supporting our customers’ growth aspirations.
The BNZ is the only trading bank with this capability.
We are not like other banks. We make our own decisions based on the needs and capabilities of our communities, of which we are an integral part.
Unlike other banks, BNZ employees are empowered with the authority to conduct normal duties without having to check back with Head Office.
It is a culture of trust that permeates throughout the organisation, from the chief executive to retail tellers.
Retail refurbishment
BNZ retail stores have undergone significant refurbishment to better match our belief that a bank must offer safe, friendly, well located and technologically advanced facilities that ‘welcome’ our customers.
Over 180 Retail stores throughout the country have now been completed with significantly more to roll out over the next 18 months.
We have also developed a new concept in business banking: The Business Partner Centre specifically designed for customers’ use as an ‘office away from the office.’
It allows customers to facilitate business in state of the art, technologically advanced and professional environments.
BNZ has officially opened 18 new Partner Centres with 13 more earmarked for rollout over the next 12 months.
The fundamental reason the bank undertook these innovative steps during this volatile time was to support our customers to the best of our abilities and in doing so support New Zealand’s economic fortunes.
I am proud of the way that my Bank has continued to invest in its people, in its products, its services and its premises during one of the toughest financial periods in living memory.
Lyndon Settle is BNZ managing partner, Auckland City branch.
Editor’s Note: BNZ Partners is the Title Sponsor of the Indian Newslink Indian Business Awards (IBA) 2011, Sponsor of the Best Large Business Category and the Supreme Business of the Year Award. BNZ Partners hosted three free Workshops for entrants to the IBA 2011 in May, June and July 2011. The fourth and last workshop will be held as follows:
Tuesday, August 2, 2011: BNZ Partners, Level 8, Room 9 (Deloitte Centre), 80 Queen Street (Auckland City) from 4 pm to 6 pm. Chad Wilkie, Convenor of the IBA Judging Panel and BNZ officials will be present to assist and mentor entrants on relevant issues. To register, call (09) 5336377 or email editor@indiannewslink.co.nz
