Since the global financial crisis, the current loan given to the new Auckland Council will be regarded as the largest syndicated loan at $600 million given by the Bank of New Zealand.

The groups of lenders that will be making the money available include ANZ, Citibank, CBA, HSBC and Westpac. The money that will be provided to them will be helpful as a standby support for the capital market programme that the company will be undertaking. Under its treasury management policy, the council also plans for liquidity funding which these loans will fulfill.

The multi-billion dollar transactional banking contract was won by BNZ in March for the Auckland council.

The Auckland council is one of the most complex mergers of the nation as it was formed after eight councils merged into one. BNZ on the other hand has 178 national branches and provides with corporate banking facilities, online and over the counter facilities.