BNZ denies it's re-entering broker market
Speculation has been rife recently that the Bank of New Zealand plans to re-enter the mortgage broking market.
Tuesday, August 7th 2007, 7:21AM
Since BNZ exited the market it has strongly pushed the line it doesn't use brokers – earning the tag of being "anti-broker".
However, there has been recent speculation that BNZ would change its position. One of those is the recent appointment of a new managing director, Cameron Clyne.
It is firmly believed by m any that BNZ's "anti-broker" position was driven by former managing director Peter Thoedy.
The second factor is that other banks are cutting the level of upfront commissions they pay brokers, thus making it more economic for BNZ to re-enter the market.
BNZ external relations manager Diane Maxwell told Good Returns there was no change to the anti-broker position.
She said that the bank was not recruiting business development managers for re-entry to the broker market and no new broker unit had been set up.
She said that with a new managing director it was impossible to rule out the possibility the bank would go into the broker market again but no recruitment plans were being put in place.
The bank was working on another consumer development and recruitment for this may have been mistaken for activity on the broker front, she said.
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