Strong growth drives broker's expansion

ABN Amro CEO Simon Allen (right) with Michael Cullen in Auckland yesterday. Picture / Fotopress

Finance Minister Michael Cullen was in Auckland yesterday to launch a new global markets distribution desk at ABN Amro.

The new service - and team - will focus on derivatives, fixed interest and foreign exchange sales to complement existing corporate finance, equities, equity capital markets and origination businesses in New Zealand.

It will operate in conjunction with a Sydney desk.

ABN Amro executive director Mike Caird said the decision to expand locally followed a period of strong economic growth and consolidation in the banking sector.

"We believe an opportunity exists to provide a range of Treasury products to corporate and institutional clients," he said.

The new team is Stuart Richardson (former head of sales at National Bank), Nick Maxwell (formerly in derivatives and fixed interest with the Bank of New Zealand) and Jeremy Smith (formerly of Deloitte Touche Tohmatsu).

Cullen said the day was an important one for ABN Amro.

The Finance Minister "trust[ed] that in due course it will be seen as an important day for the financial markets in New Zealand".