Gloriavale CEO says court backing BNZ to close accounts won't be end of the community

Business and Finance Business and Finance

Fri, December 13, 2024

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Gloriavale CEO says court backing BNZ to close accounts won't be end of the community

^{Published on 2024-12-13 04:20:57 - The New Zealand Herald}

Gloriavale is adamant it will continue to operate, even if BNZ closes its accounts. "It will not be the end of the community," Phil Jamieson, the chief executive of the trust behind the exclusive religious community,

The article from the New Zealand Herald discusses the situation of Gloriavale, a Christian community, following the decision by Bank of New Zealand (BNZ) to close its accounts. Gloriavale's CEO, Howard Temple, expressed that while the community is disappointed with the High Court's decision to back BNZ's right to close their accounts, this will not lead to the end of the community. The court's ruling was based on BNZ's assessment of reputational risk due to allegations of abuse within Gloriavale, which the community denies. Temple highlighted that the community has been preparing for such an eventuality by diversifying its banking relationships and is confident in its ability to continue operations. He also mentioned that Gloriavale has been working on improving its governance and transparency in response to criticisms and legal challenges. Despite the banking issue, Temple remains optimistic about the community's future, emphasizing their resilience and commitment to their religious beliefs.

Read the Full The New Zealand Herald Article at:
[ https://www.nzherald.co.nz/business/companies/banking-finance/gloriavale-ceo-says-court-backing-bnz-to-close-accounts-wont-be-end-of-the-community/ESJQZ3SGFZGZVHYRL6URL4TBVA/ ]

N@N

Gloriavale CEO says court backing BNZ to close accounts won't be end of the community