BNZ lifts market share

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BNZ says it lifted its share of the small business market after a move to ease lending criteria for the sector.

Tony Marlow, BNZ head of retail banking for small business, said BNZ had been turning down 65 per cent of loan applications from the sector but had now reversed that trend.

Since April, BNZ had approved loans to more than 65 per cent of applicants by changing the way it assessed the financial data of its customers, Marlow said.

The new policy direction was among initiatives that led to the bank increasing market share from 15 per cent to 17 per cent since last October, in both the lending growth area and for banking customers from the sector.

The number of small business managers at BNZ had increased from 27 to 79, and they were now more available, Marlow said.

BNZ senior economist Craig Ebert said the economy remained on course for recovery, but BNZ's view was that it would be a slow and difficult journey for most.

- NZPA