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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.
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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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In some cases, a free account might pay less interest (or none), but that’s not always the case. ... setting up an online bank account can make banking much more convenient and have financial ...
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.
The bank gained the banking account of the New Zealand Government from the Union Bank of Australia, and became an agent to raise debt in the United Kingdom for the government. [citation needed] In the 1860s and 1870s capital was brought into New Zealand by the government and others. There was plenty of employment, development moved quickly and ...
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