ASB, which has been growing lending to the rural sector faster than any other bank, has appointed two new South Island-based rural corporate banking managers.
The bank has named Ray Parker, the former CEO of Tasman Agriculture, who will be based in Dunedin, and Andrew McGuckin, who will be based in Christchurch. ASB said both men would bring specialised regional knowledge to their roles.
“In 2008, ASB was the first bank to establish a specialist rural corporate division specifically to look after the needs of both large scale and complex farming and agri-business customers," said Richard Hegan, ASB’s national rural corporate manager.
"This division is resourced with the most experienced rural bankers and support teams to ensure the delivery of high quality outcomes for our customers. We are pleased to be increasing our commitment to rural businesses by increasing specialist staff with on-the-ground rural knowledge to provide unbeatable service and support to local agri-businesses and corporate farming operations," Hegan added.
In its interim results, released in February, ASB reported 12.7% and 9.4% growth, respectively, in rural and business lending. Such growth levels were well ahead of overall market growth, with Reserve Bank sector credit showing agriculture lending up 2.4% through the first-half of ASB's financial year, and business lending rising only about 0.7%. Figures released in parent Commonwealth Bank of Australia's interim results show ASB grew its share of business lending to 9.8% at December 31 last year from 9% at June 30.
ASB CEO Barbara Chapman told interest.co.nz the growth in business and rural lending was coming through improved focus from ASB in these areas. And last month CBA CEO Ian Narev told interest.co.nz he was supportive of ASB's push into business and rural lending so long as it's done against "very prudent" lending standards.
Meanwhile, ASB said Parker's also a qualified chartered accountant who was Fonterra's general manager of shareholder services. He has also developed a business specialising in private investment and management consultancy work with a focus on New Zealand's commercial and rural sectors.
McGuckin originally joined ASB in Southland in November 2000 as a rural manager before returning to Christchurch to work in agri-businesses in North Canterbury. ASB said he has "a wealth of practical farming knowledge," and has developed his family’s Waipara farm into a vineyard.
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