10 Jun 2019

Today's business news: What you need to know

3:17 pm on 10 June 2019

Latest - The country's main retail banks seem reluctant to follow Bank of New Zealand's promise to keep all of its regional branches open through to 2022.

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ANZ says it's constantly reviewing its network of 70 regional branches to ensure they exist where its customers need them most. Photo: RNZ

BNZ made the promise because it says there was still demand for it, even as more people opt for digital banking.

The country's largest bank, ANZ, says it's constantly reviewing its network of 70 regional branches to ensure they exist where its customers need them most.

However, it's noticed declining visitor numbers, in favour of online banking.

ANZ has already closed several branches this year including Riverton in Southland and Stratford in Taranaki. Last year it closed 12 branches around the country.

The other Australian-owned banks - ASB and Westpac - are yet to say if they will keep all their regional branches.

The largest New Zealand-owned bank, Kiwibank, has been de-coupling its operations from New Zealand Post, so it's losing branches at shared premises, but says it is committed to the regions.

MyRepublic warned by ComCom

The Commerce Commission has given internet provider a formal warning for not giving information needed to allocate the Telecommunications Development Levy.

The top telecommunications companies are required to give information about their financial position so the commission can work out how much companies must pay for the levy.

The levy is used for specialist services like the hearing-impaired, broadband for rural areas and upgrading the 111 emergency services.

The Commission says when MyRepublic didn't meet what was required when it finally provided the financial information.

It's been given a warning because the misconduct wasn't regarded as being too serious.

The Singapore-owned company was warned by the Commission in 2017 that some of its advertising was probably in breach of the Fair Trading Act for being misleading.

FNZC changes its name

FNZC will now be known as Jarden.

The new logo for Jarden pathways. Photo: Jarden Pathways

The broking and investment firm, one of the biggest in the country, will now be known as Jarden, named after its founder Ron Jarden.

The 58-year-old company has previously been known First NZ Capital and CS First Boston and it still has a strategic alliance with global investment company Credit Suisse.

It's also renamed its discretionary investment operation to Compass.

Other businesses in the group include Direct Broking and OMF Financial.

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