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.
He says they told him the quality of fruit last season was not up to the high NZ standard they expected and were seeking assurances that there would be an improvement in 2023. Mathieson says the message from them was that there was enormous growth potential if the quality was up to standard.
"I was able to give them an assurance that it would be and that NZ kiwifruit industry right along the supply chain is working to ensure that this happens."
Mathieson says the industry is confident it can improve quality this year and points to several factors that will drive this. He says for a start, there are more people, including backpackers available to pick the fruit so it won't be a hurried pick as was the case last year. He says the pickers are better trained and growers themselves and others along the supply chain will be closely monitoring how the fruit is handled to ensure it's not damaged.
He adds that they will be paying close attention right through to the market on the issue of fruit handling.
"We know if we can get the quality issue resolved there is so much opportunity for us to sell at great value around the world and at the top end of the market."
