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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.
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.
Other bank account routing and account numbers to fund the new account Step 3: Submit your online application On the bank’s website, look for a button or link that says “Open an account” or ...
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