In 1971, finance Minister Muldoon effects changes…

In 1971, finance Minister Muldoon effects changes in the regulations governing bank ownership, thus allowing greater latitude for foreign-owned banks to operate in New Zealand.

Many of the New Zealand banks establish links with foreign banks, all members of the Business Round Table organization: Broadbank with Wells Fargo; General Finance with Chase Manhattan; Fletchers and Renouf with Bank of America and Barclays in New Zealand United Corp.