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.
Westpac NZ chief executive Catherine McGrath says the new Sustainable Farm Loan is the first loan in NZ to accelerate sustainability across all aspects of farming and covers all term debt associated with the farm.
"We're keen to encourage increased focus on farm management, waterway biodiversity and nutrient improvements on the farm, and understanding and managing agricultural emissions."
McGrath says the bank has worked with AsureQuality to ensure that the Westpac Sustainable Farm Standard is robust and equivalent to all applicable aspects of the industry-agreed Sustainable Agriculture Finance Initiative guidance.
