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Home / Business / Economy / Official Cash Rate

Richie don't do it ... support Westpac, that is

By Jarrod Booker
15 Jun, 2007 05:00 PM2 mins to read

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Richie McCaw knows rugby lasts for only a short period of time and players need something else to do when it ends. Photo / Greg Bowker

Richie McCaw knows rugby lasts for only a short period of time and players need something else to do when it ends. Photo / Greg Bowker

KEY POINTS:

All Black captain Richie McCaw is copping criticism for taking on the role of ambassador for Westpac Bank, which a lobby group has slammed for its conduct here.

The Campaign Against Foreign Control of Aotearoa said it was disappointed McCaw had signed on for the next two years
with the Australian-owned entity.

In a statement headed, "Richie wrong about Westpac", Cafca secretary Murray Horton said McCaw was lending his image to one of four Australian-owned banks that "sucked billions in profits out of the country, are major players in the overheated housing market, aggressively push credit on to customers, which increases personal and national debt, and have a poor record when it comes to the way they treat the public, their customers and staff".

He continued: "[Westpac] need all the help they can get in trying to make themselves look good to the public and it's a pity the All Black captain has agreed to lend his considerable mana to Westpac. They are not worthy of it."

This year, Cafca made Westpac a joint winner, with BNZ, of its annual Roger Award for the "worst transnational corporation operating in New Zealand".

However, the Westpac position may provide a crucial financial incentive to ensure McCaw remains in New Zealand after the World Cup as several other All Blacks plan to join overseas clubs after this year's tournament.

"You have to understand that rugby won't be around forever. You will need to have something to do once you finish playing and that's something that's always in the back of my mind," McCaw said.

Westpac said it was "absolutely committed" to New Zealand and proud to support McCaw "as well as numerous organisations and local community initiatives, including the Westpac rescue helicopters, the Halberg and Sir Peter Blake Trusts".

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