BNZ Launches $350 Million Innovative Hybrid Issue

BNZ Income Securities Limited, an indirectly owned subsidiary of National Australia Bank Limited (National), today lodged a prospectus for a proposed issue of innovative Tier 1 hybrid securities comprising perpetual non-cumulative shares up to an aggregate amount of NZ$350 million (with the right to accept oversubscriptions of a further NZ$350 million). The offer will be made to retail and wholesale investors in New Zealand only.

The proposed offer structure will deliver Tier 1 Capital for Bank of New Zealand (BNZ) and innovative Tier 1 Capital for the National Group. This is consistent with the National’s objective of efficient capital management and is part of National’s ongoing capital management programme. The proceeds from the proposed Tier 1 issue will, through the offer structure, be used by BNZ for general corporate purposes.

For further information:

Media
Kerrina Lawrence
M: +61 (0)417 034 738

Investor Relations
Hany Messieh
M: +61 (0)414 446 876

This announcement does not constitute an offer of any securities for issue or sale. No Australian prospectus, product disclosure statement or other disclosure document for the issue has been prepared and no offer will be made in Australia. The securities offered will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the U.S., or to or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws.

BNZ Launches $350 Million Innovative Hybrid Issue

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