ANZ wins Canstar's Bank of the Year in Agribusiness

The bank clinches the award for the 12th time

By Mina Martin

11 Nov 2023

ANZ New Zealand has once again won the Bank of the Year in Agribusiness award from Canstar.

The big bank won for the 12th consecutive year, since the award launched in 2012, in the wake of Cyclone Gabrielle, which wreaked havoc across the North Island, leaving agribusinesses grappling with substantial damage.

Jose George, Canstar’s general manager, commended ANZ for its leadership during the crisis and for providing its agribusiness clients with consistent, day-to-day excellence across its branches, transaction account offers, and loan products.

“Agribusiness is a vital part of our economy, and this year’s awful weather events have been incredibly difficult for so many,” George said in a media release.

“Banks are hugely important partners in agribusiness, given its significant overheads and infrastructure costs. A bank’s response to crises like major weather events can make or break a business.

“That’s why we celebrate the banks who actively support their customers, and that’s why we are announcing ANZ as our winner... ANZ stood out for its generosity to customers, including a support package offering nearly $10 million in interest-free overdrafts.”

Lorraine Mapu (pictured above), ANZ New Zealand’s managing director for business, said the bank is committed to supporting its impacted agribusiness customers’ recovery.

“We are proud to have been able to help, including making $250m of low interest lending available through our Business Regrowth Loan,” Mapu said.

“This has helped business customers by removing some of the cost barrier, and by giving them the confidence to rebuild and to re-invest in their businesses – so they are more resilient and sustainable in the future.”

Canstar’s panel also acknowledged initiatives by other banks following the cyclone, such as ASB’s $2m donation to the Red Cross disaster fund, BNZ’s provision of discounted products and financial assistance to customers in hardship, and Rabobank’s implementation of fee waivers and deferred payment arrangements.