Kiwifruit growers can now use their Zespri shareholding to unlock or top up lending
Westpac NZ has become the first bank in New Zealand to receive Reserve Bank approval to accept Zespri shares as security for lending — a move that opens new financing options for kiwifruit growers and has direct implications for advisers working with horticulture clients.
The arrangement means Zespri shareholders can now use their shares as collateral when applying for finance, as well as borrow to fund the purchase of additional shares. Growers are not required to offer Zespri shares as security but now have the option to do so alongside or instead of traditional collateral.
Reuben Tucker (pictured), Westpac NZ managing director institutional and business banking, said the development addresses a genuine gap in how horticulture lending can be structured.
"Funding the purchase or development of a kiwifruit orchard is a significant undertaking so we're really pleased to be able to support our horticulture customers in this way," Tucker said.
He highlighted the particular relevance for situations where conventional property security is not available: "We think the move will be particularly helpful in situations where traditional security is insufficient, including where land cannot easily be mortgaged, such as whenua Māori land."
A $1.8 billion asset class now available as collateral
Tracy McCarthy, Zespri executive officer grower and industry, said the move reflected the growing weight of shareholder equity across the industry.
"Total Zespri share value currently sits at around $1.8 billion and initiatives that help growers to better leverage that value have the potential to support further investment, growth, and resilience across the industry," McCarthy said.
The strength of the industry underpinning that share value is considerable — Zespri returned a record $3.56 billion to New Zealand growers from the 2025 season, with net profit jumping 80% to $280 million — the biggest financial result in the company's history.
Industry backing for the move
Colin Bond, CEO of advocacy body New Zealand Kiwifruit Growers Inc., said the change aligned with a broader push for stronger grower ownership of the industry.
"NZKGI has been pushing for greater grower ownership of our industry, which is important for industry stability," Bond said, adding that "initiatives such as this increase growers' ability to access Zespri shares, providing additional certainty."
Tucker said conversations at Fieldays had reinforced the strength of the horticulture sector's position heading into the second half of 2026, with export prices and volumes having continued to climb over the past few years. New Zealand completed its largest-ever kiwifruit harvest in 2026, with a record 225 million trays picked and shipped, with total revenue forecast to reach approximately $4.8 billion — a sector at peak strength heading into the second half of the year.
For advisers, the practical read is a new conversation to have with any grower client who holds Zespri shares — particularly those on whenua Māori where conventional mortgage security has historically been the sticking point.
Read the full announcement at westpac.co.nz.
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