Bancorp's clients face credit crunch and higher costs

Fri, 14 Aug 2020

Bancorp New Zealand's clients are finding it more difficult to get bank credit and, when they do get it, they're having to pay between 0.35 percent and 1 percent more for loans, said managing director Craig Brownie. "Bancorp has seen a widening of spreads compared to pre-covid pricing of facilities, in the order of 0.35 percent to 1 percent, with 'new to bank' opportunities having effectively ceased as bank focus remains on supporting and providing liquidity to existing customers," Brownie said. "Given the banks' own views of the economic...

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