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We’ve covered a lot of the moving news in recent months, but this article focuses on what’s happening now.
Natwest has officially announced it’s moving out of Auckland.
NatWest is a leading financial services company that provides banking, insurance, legal, financial services and real estate solutions for customers in Australia, New Zealand and overseas.
Read more about NatWest.
Natwest moved its headquarters to Wellington in November 2016, but has now closed its operations in the city.
It is the largest bank in the UK, and its assets are worth about $US7.6 billion.
The move was initially planned for January 2021 but it was delayed because of the ongoing global financial crisis.
The decision to move its headquarters is not without controversy, however.
In October 2018, the Australian Securities and Investments Commission (ASIC) reported that Natwest was a financial services organisation for the benefit of foreign investors, meaning it was subject to regulation under the Australian Financial Services Act.
It said the company did not meet the minimum standards for investment management.
The ASIC also reported that the company had “grossly breached” its fiduciary duty by failing to hold a bank account or account holders’ funds in safekeeping.
In February 2019, the company also announced it would close a New Zealand branch, citing the global financial crises.
It closed another branch in Sydney in September 2019.
NatWest also closed its London branch, as well as the offices in Sydney, Melbourne and Perth.
The Australian Financial Markets Association has issued a report calling for the withdrawal of the company from the Australian capital.
In its statement, the association said the move was “disappointing, disappointing, and regrettable”.
It said it was “deeply concerned” by the decision to close the company’s offices in New Zealand, but urged the company to “reassess the risk of doing business in New Zeland and New Zealand” as well.
In a statement to News24, Natwest said it had a “long and productive relationship” with New Zealand’s Financial Services Board.
The company also said it would “continue to work closely with New Zealander financial institutions, who are working together to address the issues raised by the ACCC”.
In the statement, it said it hoped to have a permanent Australian office in the country by 2021.