Rabobank to make major announcement

Giant Dutch bank Rabobank, which specialises in rural lending, is set to make a major announcement on Tuesday.

The bank would not comment on a report in today's Dominion Post that it "appears poised" to take over Superbank. However, Rabobank's Australia and New Zealand chief executive Bruce Dick is in New Zealand next week to make an announcement.

Sources close to Rabobank said there were inaccuracies in the Dominion Post article but would not say what, or whether the thrust was correct.

Superbank chief executive James Munro would also not comment on the story.

Superbank is a joint venture between Australia's St George Bank and New Zealand supermarket operator Foodstuffs.

St George chief executive Gail Kell said at the annual meeting in December that Superbank was under review for sale because of tightening economic conditions and competition that had squeezed margins.

- NZPA