Union opposes NBNZ sale
"Lloyds TSB have finally come clean and admitted that they are looking for a buyer for the National Bank," said
Andrew Casidy, General Secretary of the bank workers' union, Finsec. "We strongly oppose such a sale."
"The downstream effects would be job losses, significant negative impacts on customers and the loss of a strong
and responsible banking culture from the New Zealand market."
"The National Bank is the one of the most profitable corporate entities in New Zealand and it has always taken a
long-term approach to business. It is important to staff, customers and the country that this culture of responsibility
is retained."
"The suggestion of a sale again brings the issues of a governmental enquiry into banking and the role of the
Commerce Commission to the fore. We want to see steps taken to ensure that the effects of a sale and the best interests
of the country and its citizens are considered in such a process.
"We have asked the bank for assurances that it will not make any staff redundant before a sale. We have also
asked Lloyds to make it a condition of sale that neither they nor a purchaser would make staff redundant as a result of
the sale for at least a year."
"Why should employees of some of the country's most profitable businesses have to fear for their jobs," he
asked. Ends