Westpac NZ Becomes First Bank to Accept Zespri Shares as Lending Security
Westpac NZ has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand (RBNZ) to secure and leverage kiwifruit growers' Zespri shares.
2024 marks the 25th anniversary of the Kiwifruit Industry Restructuring Act, which paved the way for Zespri’s global success, the 30th anniversary of New Zealand Kiwifruit Growers Inc. (NZKGI), and an impressive 35 years since the establishment of the Single Desk structure, a critical component of the industry’s success.
The celebration attracted not only growers but also several notable dignitaries, including Labour MP Jo Luxton, Western Bay Mayor James Denyer, Deputy Mayor John Scrimegour, and Tauranga Mayor Mahe Drysdale.
In his keynote speech, NZKGI Chairman Mark Mayston talked about unity and collective effort. He emphasised that New Zealand's kiwifruit industry is proudly grower-owned, and it was their decision to prioritise the greater good over self-interest that birthed the revolutionary Single Desk.
“Growers must stay united,” Mayston says. “If we let selfish interests take over, we risk diluting the value of our industry and the future of generations to come.”
The Single Desk regulations, now celebrating 35 years, created the Kiwifruit Marketing Board with the authority to buy all kiwifruit for export. This pivotal change set the stage for the creation of Zespri ten years later, marking 25 years of global operations.
A panel discussion at the event featuring three pioneering growers — Paul Heywood, John Palmer and Hendrick Pieters — delved into critical moments in the industry's development such as the financial challenges following the overpricing of kiwifruit in 1992 and 1993, which ultimately led to the formation of NZKGI 30 years ago.
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The panels moderator, NZKGI chief executive Colin Bond highlights the significance of the lessons learned from the struggles of the past that were shared by the panel, “It was a great opportunity to have the members of the panel talk with us and the insights they shared were invaluable. Kiwifruit is a cyclical industry, and there’s much we can learn from the past to prepare for the future.”
Looking ahead, the 2025 kiwifruit season is expected to deliver another record-breaking crop, with hopes of surpassing the 200 million tray mark in exports for the first time. In 2024, over 190 million trays will be exported, continuing the industry’s upward trajectory.
