Westpac NZ Becomes First Bank to Accept Zespri Shares as Lending Security
Westpac NZ has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand (RBNZ) to secure and leverage kiwifruit growers' Zespri shares.
The new arrangements will see up to 420 additional hectares of Zespri SunGold Kiwifruit per year over six years planted in Italy, France, Japan, South Korea and Greece starting next year. Kiwifruit plantings are already licensed by Zespri in several countries because it allows NZ kiwifruit to be available year round and fill a gap when NZ fruit is not available
Regulations required Zespri to get at least 75% support from growers to increase its overseas plantings. A vote was taken and an overwhelming 90.6% of kiwifruit growers supported the move. The voter turnout was 72.21%.
In the past, growers had rejected such a proposal, but this time the kiwifruit growers organisation NZKGI openly backed the Zespri move, with chief executive Colin Bond saying it makes sense that NZ should fill any gap in the market. He says markets are becoming increasingly competitive and NZ cannot leave a gap for competitors.
“That is why we have supported this Zespri initiative,” he says.
Zespri chief executive Jason Te Brake says the result of this vote is crucial to working towards 12-month supply for key customers in key markets, filling more demand and supporting NZ grower returns into the future.
“The outlook for Zespri Kiwifruit is positive. I’ve spent a lot of time in the markets with our customers in 2024; they want more of our fruit, and they want it all year,” he says.
