|Products||Banking and financial services|
Number of employees
|Parent||New Zealand Post|
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 and Papermate outlets throughout New Zealand. Kiwibank is owned by the New Zealand government and the company's Board of Directors was chaired by former New Zealand Prime Minister Jim Bolger from 2001-2010. The current Chairman of the Board of Directors is Rob Morrison.
Jim Anderton revealed in his valedictory speech that after he had spent three hours trying to convince then Finance Minister Michael Cullen, Annette King told Cullen: "Michael, Jim's beaten back every argument against the bank we've ever put up. For God's sake, give him the bloody bank." Cullen replied: "Oh, all right then."
In 2007, one analysis sees Kiwibank as having fostered a new level of competition in banking in New Zealand in terms of lower fees and growth in service. Kiwibank has higher customer-satisfaction ratings than the four large Australian-owned trading-banks.
Kiwibank's success is reflected primarily in its signup rate for new customers of over 300 new organisations and individuals per day (about 2100 per week). Within the New Zealand financial institution context this is a significant figure: for the four "Big Five" retail banks (ANZ/National Bank (then ANZ National Bank), ASB, Westpac, BNZ), a typical year will result in a 0.2% increase or decrease in market share (deposit and lending values rather than number of customers).
In 2008 Kiwibank unveiled an advertising campaign, "Join The Movement", which parodied World War II resistance themes. Rival banks, most of them Australian-owned, denounced the advertisements as jingoistic.
Core Business Activities
Kiwibank’s core business consists of personal banking, business banking, KiwiSaver and other wealth services.
Kiwibank Personal Banking
Personal banking products and services include home loans, personal loans, credit cards, everyday accounts, savings accounts, investment services and insurance products.
Kiwibank Business Banking
Business Banking products and services include business lending, cheque accounts, credit cards, investments, merchant services, payment services and insurance.
This includes online and manual international money transfers, foreign exchange and Foreign Currency Accounts and travellers' cheques.
Kiwibank invested NZ$8m into a 51% shareholding in New Zealand Home Loans, a home loan lender specialising in debt reduction, in June 2006, and increased this in 2008 by a further 25% and took 100% in 2011. New Zealand Home Loans continues to grow offering an alternative to the traditional banking model and have a nationwide network of over 75 franchises.
In 2012 Kiwibank purchased Gareth Morgan Investments (GMI) for an undisclosed sum.
Kiwibank has won the Sunday Star Times/Cannex banking awards, in 2006, 2007, 2008, 2009, 2010 and 2012 for offering the best value across their range of products.
Other awards won by Kiwibank include: Bank of the Year - New Zealand, The Banker, 2009, 2010
Sunday Star-Times' Bank of the Year, 2006, 2007, 2008, 2009, 2010, 2012
New Zealand's Most Trusted Bank, Reader's Digest Trusted Brand Awards, 2007, 2008, 2009, 2011, 2012
2002: Kiwibank launches successfully with 211 branches open nationwide by 30 June.
2004: The number of Kiwibank branches increases by 16 to 301.
2006: Kiwibank acquires a 51 percent shareholding in New Zealand Home Loans.
2009: Kiwi Group Holdings established as a holding company owning Kiwibank, Kiwi Insurance Ltd and 76 percent of New Zealand Home Loan Company.
2010: Paul Brock appointed new Kiwibank Chief Executive after Sam Knowles resigns
2012: Kiwibank Group purchases Gareth Morgan Investments
- "Elliotts' suffering shook me - Power". The New Zealand Herald. 6 October 2011. Retrieved 13 October 2011.
- Milner, Andrea (2008-05-11). "Experts question the high cost of banking". APN Holdings NZ. Retrieved 2014-03-14.
The good news, says Godfrey Boyce, of KPMG Financial Services, is that in the past year major banks have adopted low-fee transaction accounts and low-interest rate credit cards to lure customers from competitors. [...] In part, he says this is a reaction to the fact previous banking "minnows", such as Kiwibank, TSB Bank and Rabobank, are now strong enough to be noticed by the major banks.
- Daniels, Chris (2007-04-08). "Bank on satisfaction". New Zealand Herald (APN Holdings NZ). Retrieved 2008-04-26.
- Stock, Rob (c. 2008). "About Kiwibank". Kiwibank, external information (Kiwibank). Retrieved 2008-11-24.
- Bennett, Adam (30 May 2008). "Stock takes: Changes rankle". The New Zealand Herald. Retrieved 13 October 2011.
- Stock, Rob (2008-02-21). "Kiwibank posts a good result". Sunday Star-Times (Fairfax New Zealand). Retrieved 2008-04-26.[dead link]
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