| Decision | Consent granted 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 18 April 2019 |
| Investment | An overseas investment in significant business assets, being the acquisition and control of property in New Zealand used in carrying on business in New Zealand for consideration that exceeds $100 million as part of a securitisation programme established by Bank of New Zealand in 2008. |
| Consideration | $2,500,000,000 |
| Applicant | Bank of New Zealand and National Australia Managers Limited as trust manager of the BNZ RMBS Trust Series 2008-1 Australian Public (95.65%) United Kingdom Public (2.12%) New Zealand Public (1.49%) Various overseas persons (0.74%) |
| Vendors | Bank of New Zealand Australian Public (95.65%) United Kingdom Public (2.12%) New Zealand Public (1.49%) Various overseas persons (0.74%) The New Zealand Guardian Trust Company Limited as trustee of the BNZ RMBS Trust Series 2008-1 securitisation structure New Zealand (100.0%) |
| Background | The Applicants are parties in a residential mortgage backed securitisation programme established in 2008. As part of the securitisation programme, the BNZ RMBS Trust Series 2008-1 will acquire mortgage assets from Bank of New Zealand and Bank of New Zealand will reacquire the mortgage assets from the BNZ RMBS Trust Series 2008-1. The securitisation programme allows Bank of New Zealand to obtain funding from the Reserve Bank of New Zealand to assist with bank liquidity requirements. The Applicants have satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Mahes Hettige Head of Balance Sheet Management, Treasury, BNZ Spark Central Building, Level 4, 44-52 Willis Street, Wellington 6011. |