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Encyclopedia > Kiwibank

Kiwibank Limited is a wholly-owned subsidiary of the state-owned enterprise New Zealand Post Limited. Through Kiwibank, New Zealand Post provides banking services through its PostShops (post offices) and joint venture Books & More outlets around New Zealand. A state-owned enterprise (SOE) is an enterprise, often a corporation, owned by a government. ... New Zealand Post Limited is the dominant postal operator in New Zealand. ...


Kiwibank started claiming to offer low cost banking to those apparently not served well by the existing, mostly Australian owned, banks. Kiwibank advertised itself as New Zealand owned, with a larger branch network than any other bank. Initially offering low cost banking only to individuals, Kiwibank has introduced business banking progressively through 2005. 2005 (MMV) is a common year starting on Saturday of the Gregorian calendar. ...


Only banking to individuals was a significant field of controversy in the Bank's early days, as it excluded small and medium sized enterprises (SMEs). These small businesses form the backbone of the economies of most developed countries.


The bank was initiated as part of Alliance Party policy in the 1999-2002 Labour-Alliance coalition government. Many politicians were critical of the decision to set up Kiwibank and it was widely predicted Kiwibank could never be profitable. Current Alliance logo The Alliance, when referring to New Zealand politics, refers to a left-wing political party. ... 1999 (MCMXCIX) is a common year starting on Friday, and was designated the International Year of Older Persons by the United Nations. ... 2002(MMII) is a common year starting on Tuesday of the Gregorian calendar. ... The New Zealand Labour Party is a New Zealand political party. ... Current Alliance logo The Alliance, when referring to New Zealand politics, refers to a left-wing political party. ...


Kiwibank has topped customer satisfaction surveys, matching Taranaki Savings Bank, another New Zealand (though not state) owned bank. The Taranaki Savings Bank, or as it is now known, TSB Bank, received its first deposit under the banner of New Plymouth Savings Bank on 28 September 1850 from Waitera te Karei. ...


External links

  • The bank's site
  • The parent company's site

  Results from FactBites:
 
Notices: Enforceable Undertakings | Securities Commission (768 words)
Kiwibank and the directors will, in the case of an offer of securities to the public by Kiwibank which requires an investment statement, ensure that Kiwibank employees or agents provide investors with an investment statement relating to the securities before a subscriber subscribes for the securities in accordance with the Act or any applicable exemption.
Kiwibank will ensure that an appropriately qualified and experienced senior member of staff is responsible for compliance by Kiwibank with these undertakings and with the securities laws generally.
Kiwibank and the directors acknowledge that this undertaking does not derogate from the rights and remedies available to the Commission or to any other person or entity arising from the conduct described in the undertaking.
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