Looking Back: BNZ Part 4: Capital Markets, Fay, Richwhite & the bank

Sat, 22 May 2021

There was a mixed reaction to the June 6, 1989, announcement that the Bank of New Zealand (BNZ) had incurred a $1,294 million bad debt provision for its March year and that Michael Fay’s Capital Markets was investing in the troubled bank.BNZ’s share price plunged – from $1 to 78 cents – but Capital Markets’ price jumped from $1.14 to $1.41 over the remainder of the shortened Queen’s Birthday week.Clearly, Capital Markets’ shareholders believed they were onto a winner. Capital MarketsCapital Markets...

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