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'Woke banks' row: Bank reveals $132m exposure to risky petrol stations

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BNZ says it isn't completely banning lending to petrol stations, but maintains its rationale to limit exposure is commercial, not idealogical.
The article from Newsroom discusses BNZ's clarification regarding its exposure to petrol stations, prompted by New Zealand First's criticism of "woke banks" for allegedly discriminating against certain industries. BNZ stated that it does not have a policy against lending to petrol stations, but it does consider the environmental impact of its lending decisions. This comes in the context of a broader debate where NZ First leader Winston Peters has accused banks of being overly influenced by environmental, social, and governance (ESG) criteria, potentially at the expense of traditional sectors like fuel retail. The article also touches on the political implications, with Peters using this issue to appeal to voters concerned about banks' social agendas, while banks like BNZ emphasize their commitment to sustainable practices without explicitly excluding any sector.

Read the Full Newsroom Article at:
[ https://newsroom.co.nz/2025/02/11/bnz-clarifies-petrol-station-exposure-as-nz-first-takes-on-woke-banks/ ]