Westpac NZ sees Auckland mortgage market heat abating, CEO McLean says

Mon, 02 Nov 2015

By Paul McBeth Nov. 3 (BusinessDesk) - Westpac Banking Corp's New Zealand unit wants to match growth in the wider mortgage market in 2016 in what local chief executive David McLean expects will show slower expansion as heat in the Auckland housing market starts to abate. The local division of the Sydney-based bank grew its mortgage business to $41.9 billion as at Sept. 30 from $39.6 billion a year earlier. That was a smaller expansion than system growth, “as the division prioritised maintaining margins.” Its net interest margin improved f...

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