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HONGKONG BANK in New Zealand
102
GENERAL BANKING
file HKSB
Mr Rogan, BHC Wellington Mr Earwicker, OT4/2d DTI Mr Norton, SPD, FCO
4
1.
For the record, yesterday I attended a lunch given by the Hongkong Bank at Highwic (a historic house at Newmarket here in Auckland) to meet their HK-based Chairman Sir Willie Purves who will shortly be moving to London to head up operations there. The function was attended by Don McKinnon (Deputy PM and Trade Minister) and Ruth Richardson (Finance Minister) and a strong cast of major players on the Auckland business scene, including such notables as Hugh Fletcher (Fletcher Challenge) and Bob Matthews (Chairman of Air NZ). The Chinese CG was also present -plus his opposite number from Taiwan (who heads up a team of five trade commissioners in Auckland but of course without recognition from the local Consular Corps).
2. Sir Willie spoke of the Hongkong Bank's historic links with Britain, recently consolidated by their purchase of the Midland, and touched lightly on the politics of the HK Governor's plans for more democracy and the 3-way negotiations involving China and the UK. He commented on the emerging Chinese "giant" (GDP growth of over 10% pa stood in sharp contrast to the desultory rates presently being achieved in Europe) and the opportunities for NZ business in the coming "Pacific Century".
3. The Hongkong Bank's NZ operation has been based in Auckland with branches in Wellington and Christchurch since restructuring in 1987 - prior to this they traded under the Wardleys name. The two most senior officials here (Shaun Wallis, GM and Chris Robinson, Banking Services) are both Englishmen on posting to NZ. The Bank's client base is mainly the trading community and other corporates but they are keen to develop in other areas and recently moved into preferential mortgages. I understand that turnover has been consistently ahead of target in recent years. In a brief private exchange Sir Willie confirmed that, viewed from Hong Kong, the NZ economic environment since deregulation was very positive compared to that in Australia which had failed to keep up with the times.
John E Holding CONSUL GENERAL 28 January 1993
HEB 102/1
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