Westpac Banking's (NZE:WBC, ASX:WBC) Westpac NZ said Tuesday it has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand to provide loans secured by Zespri shares.

The bank said in a Tuesday statement that kiwifruit growers who become or are Zespri shareholders can use any Zespri shares they own as security when applying for lending, as well as access finance to support the purchase of additional shares.

Westpac's Australian and New Zealand shares each rose 1% in recent Tuesday trade.