ANZ NZ chief executive Antonia Watson has been elected chair of the New Zealand Banking Association and took up the role today.

Westpac NZ chief executive Catherine McGrath was elected deputy chair. The chair and deputy chair take on their respective roles for two years.

Antonia Watson says: “The New Zealand banking system is well-run, well-capitalised, well-funded and well-regulated, which enables Kiwis to get into homes, start and grow businesses and trade with the world, as well as weather local and international crises and financial storms.

“Events in the Middle East are a reminder of how quickly a global shock ripples through our economy, and the role banks play supporting customers as they navigate global challenges.

“The industry is committed to supporting economic recovery and growth, working with regulators and stakeholders, and playing its part on the issues that matter to New Zealanders – improving security, competition and financial inclusion, while ensuring customers can access the banking services they rely on.

“As chair, I look forward to representing the industry and supporting a banking system that remains strong, competitive and focused on the needs of New Zealanders.”

New Zealand Banking Association chief executive Roger Beaumont thanked BNZ chief executive Dan Huggins for his contribution as chair over the last two years and welcomed Antonia Watson to the role.

Established in 1891, NZBA is the voice of the banking industry. The association advocates for member banks by helping to shape policy on non-competitive issues and telling the industry’s story.

The association currently has 17 members, all of which are banks registered under the Reserve Bank of New Zealand Act 1989. The association’s governing body is its council, comprising the chief executive of each member bank. In addition to these members NZBA has six affiliate members that support the banking industry.

ENDS

Last week, the New Zealand Banking Association (NZBA) criticised RBNZ’s proposals for a minimum cash-services standard as “extreme” and labelled it a “back-to-the-future solution”.

New Zealand Banking Association chief executive Roger Beaumont told NewstalkZB that the consultation’s content was “completely out of the blue”.

New Zealand Banking Association chief executive Roger Beaumont said customers would carry the cost of the “extreme” and “back to the future” measures the Reserve Bank wanted to take.

Earlier, Banking Association CEO Roger Beaumont told Newstalk ZB’s Mike Hosking the “curious” proposal had come “completely out of the blue. It’s kind of back to the future. It’s almost like Sport New Zealand demanding that jazzercise and leg warmers make a comeback without any appreciation of customer preferences, let alone demand,” he said.

But Banking Association Chief Executive Roger Beaumont told Mike Hosking customers are moving towards digital payment methods.  He says they’re using apps or online banking, rather than going to punch in a pin at an ATM to buy an ice-cream from the dairy.

“Banks agree that cash use should be preserved for those customers who need it, but this proposal is extreme. This is a back to the future solution,” he said.

“Demanding the provision of 3,000 bank-more branches and ATMs when there simply isn’t the need for them will ultimately increase the cost of banking for all New Zealanders,” said Beaumont.

Roger Beaumont, the CEO of the New Zealand Banking Association spoke to Guyon Espiner.

“A real back to the future move by the Reserve Bank, and it flies in the face of how customers are choosing to do their banking, which is increasingly digitally.”