WESTPAC DROPS NEW ZEALAND INDICATOR LENDING RATE Westpac Banking Corp <WSTP.S> said it is cutting its indicator lending rate to 22 pct from 23 pct effective from June 15. Westpac said in a statement various other lending rates are also being revised downwards. The Westpac move follows base rate drops by other New Zealand trading banks recently. <Bank of New Zealand's> base rate drops to 22 pct from 23 on June 16 and <National Bank of New Zealand Ltd's> rate falls to 21.50 pct from 23 on June 15. The Australia and New Zealand Banking Group Ltd <ANZA.S> rate remains at 23 pct.