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BNZ to raise $150m through share offer

Bank of New Zealand (BNZ) is hoping to raise at least $150 million from New Zealand retail and wholesale investors.

Wednesday, 20 May 2009

BNZ lodged a prospectus this week for a proposed issue of perpetual non-cumulative, tier one shares. Oversubscriptions may also be accepted.

BNZ plans to use the money raised through the hybrid securities for general corporate purposes.

The offer is part of National Group's ongoing capital management programme and consistent with BNZ's aim to maintain a strong capital position.

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