Wellington, November 13, 2025 — The New Zealand authority has declined an interim authorisation sought by the New Zealand Banking Association (NZBA) for banks, major retailers and other participants to collectively negotiate cash-in-transit service arrangements with Evergreen International (Armourguard).
The authority stressed that its interim decision does not signal the outcome of NZBA’s broader application for full authorisation, which remains under assessment. NZBA had sought short-term approval to allow participants to coordinate on extending existing contracts with Armourguard and begin preparatory work for collectively negotiated agreements, including sharing commercially sensitive information among themselves. No final agreements would have been signed without full authorisation.
After a fast-tracked review, two of the three Commissioners — Chair John Small and Commissioner Bryan Chapple — found that NZBA had not demonstrated that the potential public benefits of allowing collective negotiations on an interim basis outweighed the potential competitive detriments.
“All Commissioners agreed that this was a finely balanced decision,” Small said, noting that the majority was not satisfied the claimed benefits justified the risks of reduced competition while the full application is still being considered. The authority evaluated potential effects on cash-in-transit usage, information sharing and the timing of investment decisions.
Associate Commissioner Nathan Strong dissented, arguing that interim authorisation would have preserved the possibility of realising future benefits should full authorisation ultimately be granted.
Armourguard is currently the sole nationwide provider of certain cash-in-transit services following its 2024 acquisition of Linfox Armaguard, which the authority cleared on failing-firm grounds. NZBA has argued that industry-wide negotiations could improve the long-term sustainability of cash-handling services, reduce transaction costs and strengthen financial resilience.
The authority will continue its assessment of the full authorisation request and plans to release a draft determination for consultation in due course. Written reasons for the interim decision will be published on its case register within a week.
