BNZ-NAB money-go-round ends up with $345M for Australian parent

Wed, 05 Dec 2018

By Jenny Ruth Dec. 5 (BusinessDesk) - Bank of New Zealand is paying its Australian parent, National Bank of Australia, a $945 million dividend and the parent is giving $600 million of that back to it as additional equity. BNZ reported a $1.03 billion net profit for the year ended September, up from $937 million the previous year. A similar injection of capital happened last year as well when BNZ paid $1.405 billion in dividends to its parent which gave it $300 million of equity back. BNZ’s latest disclosure statement shows total cap...

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