Press Release – Wellington City Council
Wellington City Council has formally signed an agreement with TSB Bank which increases the Banks investment in the Capital City.1 October 2014
TSB Bank invests in Wellington for 10 more years on waterfront
Wellington City Council has formally signed an agreement with TSB Bank which increases the Bank’s investment in the Capital City.
TSB Bank Chief Executive Kevin Murphy, City Council Chief Executive Kevin Lavery and Chief Executive Positively Wellington Venues (PWV) Glenys Coughlan have signed documents that give TSB Bank rights to continue its brand association and leverage with the TSB Bank Arena – and now also with the adjacent Shed 6 convention centre.
The two facilities will, under the agreement, be known as the TSB Bank Arena and Convention Centre. The agreement provides for all parties – TSB Bank, the City Council and PVW working together to contribute to the Queens Wharf waterfront area for the greater benefit of Wellington, its residents, and visitors to surrounding regions.
“We are very pleased to renew and strengthen our brand and investment in Wellington on the stunning Wellington waterfront,” says Mr Murphy. “This is a progressive and exciting part of Wellington’s development and we are keen to play our part in its future.
“We look forward to working with the City Council and its team in this new agreement over the next decade.”
Mr Lavery says the agreement is a good deal for both the City Council and for TSB Bank.
“While we’re not prepared to detail the financial agreement, it means the facilities are more than able to stand on their own in financial terms. It also gives TSB Banka continuing and valuable presence on one of the most high-profile sites in the region.”
He adds that, under the agreement, the exteriors of both landmark buildings will be refurbished. This is in addition to the $6.9 million already spent to upgrade Shed 6 and $1.2 million committed for new seating in the arena.
Queens Wharf has undergone significant development as a result of Council investment with further development of Queens Wharf, Kumutoto and Frank Kitts Park anticipated.
TSB Bank has maintained naming rights on the waterfront arena since 2006.
TSB Bank is proudly 100% New Zealand owned. Established in 1850, the Bank has chosen to remain independent since. From small beginnings it has created a trusted, award winning, nationwide banking service and is one of New Zealand’s fastest growing banks.