Banking News

Profit jump equals pay jump for BNZ CEO

Profit jump equals pay jump for BNZ CEO

(21 November 2012 – New Zealand) Bank of New Zealand (BNZ) chief executive Andrew Thorburn earned a huge pay rise this year, receiving A$3.1 million. In the previous year, Thorburn’s total salary package was A$1.9 million, including performance benefits and shares.

He has been at the helm of BNZ since 2008, helping the bank to post a near-record profit of NZ$741 million (A$582 million) in the year to September.

Speaking to the Trans-Tasman Business Circle last week, Thorburn reflected on how New Zealand as a country could improve its finances. He identified worries such as high unemployment, the 'persistently stubborn' current account deficit and housing affordability.

'If we could be better with money as a nation, I think we could face up to and overcome a lot of these issues.'

He highlighted BNZ's economic contribution to the country and pointed out that banking would be more expensive without the strong AA credit rating.

'If you are a bank customer, and just about all adult New Zealanders are, you have never had more choice, or more of a clamour for your dollar.'
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