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Kiwibank was established in 2001 by the Fifth Labour Government of New Zealand, following a proposal by then Deputy Prime Minister Jim Anderton, to set up a locally-owned bank capable of competing with the Big Four Australian banks which dominated the domestic market.
PostBank shared many operating characteristics with the later Kiwibank, a bank which initially operated as a wholly owned subsidiary of the state-owned enterprise, New Zealand Post Limited. Later, Kiwibank and New Zealand Post started a process of no longer co-locating, with Kiwibank opening 13 stand-alone premises.
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Kiwibank: 29 November 2001 New Zealand State owned retail bank: 9% (2022) [7] Invercargill, New Zealand: SBS Bank: 7 October 2008 Mutual retail bank: 0.8% (2022) Wellington, New Zealand: Co-operative Bank: 26 October 2011 Co-operative retail bank: New Plymouth, New Zealand: TSB Bank: 8 June 1989 Community trust retail bank: 0.5% (2022) New ...
The origins of the format lay in the establishment of the Databank Systems Limited, a company set up by a consortium of competing New Zealand banks, to provide computing resources (development and operational) for the consortium members. [1] Bank codes are coordinated by Payments NZ who administer the Bulk Electronic Clearing System (BECS).
In 1974 the NZ Government set up the Rural Bank. The bank was sold to Flecher Challenge Ltd in 1989 and sold again in 1992 to National Bank [16] The Development Finance Corporation (DFC) of New Zealand was a state-owned investment bank that operated from 1964 to 1991. In 2002 the government founded Kiwibank as a subsidiary of NZ Post.
Fund the account. Set up online banking. Here’s a closer look at how to open a savings account. 1. Choose a Financial Institution.
The KiwiSaver scheme logo. KiwiSaver is a New Zealand savings scheme which has been operating since 2 July 2007. Participants can normally access their KiwiSaver funds only after the age of 65, but can withdraw them earlier in certain limited circumstances, for example if undergoing significant financial hardship or to use a deposit for a first home.