Briefs: Westpac NZ's dementia move; RBNZ's longer summer break, Citi backs contemporary art, Visa sw

Banking Day staff
  • Westpac says it will become New Zealand's "first dementia-friendly bank" as a result of a project in partnership with Alzheimers Auckland. The bank plans to train staff to help recognise, understand and respond to the needs of customers with dementia and their carers, with the aim of helping people with dementia plan ahead, access financial services and remain independent for longer. The project is modelled on work undertaken by the Bank of Scotland.

  • The Reserve Bank of New Zealand has rejigged its schedule for monetary policy decisions so it will make one less decision on the Official Cash Rate each year. It announced its new schedule for Monetary Policy Statements and OCR decisions from mid-2016, which includes pulling forward its quarterly MPS decisions by a month and removing the usual late January OCR decision. This means the Reserve Bank will have a three month gap between its November 10, 2016 MPS and its February 9, 2017 MPS. The gap has previously been less than two months.

  • Citi announced yesterday that it would again sponsor the summer exhibition at the Museum of Contemporary Art in Sydney, this time featuring British artist Grayson Perry, a winner of the Turner Prize in the UK.  Last year, Citi sponsored the Chuck Close exhibition. This continues a push by Citi to expand operations in Australia, pitching for the higher end of the retail market. In recent years, Citi's sponsorship has included backing the AFL team the Sydney Swans plus the Good Food Month and Good Food and Wine Show in cities around Australia.

  • Visa is to move its media buying from OMD to Starcom globally, the company announced yesterday. Media news service Mumbrella reports that the move by the high profile brand, which has a $7.4 million media spend in Australia, is just the latest decision in a series of global media reviews labelled "mediapalooza" by the US trade press - part of a major global shake-up of media marketing agencies. Citibank in Australia is also said to be reconsidering its $4.8m budget with Vizeum.