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Kiwibank
Kiwibank Limited is a New Zealand state-owned bank and financial services provider. As of 2023, Kiwibank is the fifth-largest bank in New Zealand by assets, and the largest New Zealand-owned bank, with a market share of approximately 9%. In December 2023, the bank's assets totaled about $35 billion.
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. Initially, it operated as a subsidiary of New Zealand Post, with branches originally co-located within PostShops (post offices) to ensure nationwide accessibility.
Kiwibank is similar in some respects to an earlier post office-based bank owned by the New Zealand Government. The New Zealand Post Office Bank was established in 1867. In 1987, the bank was corporatised and separated from New Zealand Post and Telecom New Zealand to form a stand-alone company – PostBank. Then in 1989 PostBank was sold by the government to ANZ.
Jim Anderton revealed in his valedictory speech that after the issue had previously been discussed by cabinet for months, 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. Give him the bloody bank." Cullen replied: "Oh, all right then."
In 2008, one analysis suggested that Kiwibank had contributed to increased competition in the New Zealand banking sector through lower fees. Additionally, by 2007, Kiwibank had achieved higher customer satisfaction ratings compared to the four major Australian-owned banks operating in New Zealand. In 2008 Kiwibank unveiled an advertising campaign, "Join The Movement", which portrayed foreign-owned competitors as enemy occupiers. The New Zealand Herald called the campaign "jingoistic".
Kiwibank announced an after tax profit of $21.2 million for the year ended 30 June 2011.
In 2012, Kiwibank celebrated its ten-year birthday. The advertising campaign used 10-year-old Kiwis pledging what they're standing up for with New Zealand musician Neil Finn agreeing to the use of his song "Can you hear us?" re-recorded by Jeremy Redmore of Midnight Youth. It was the first time the artist had allowed one of his tracks to be used by a commercial entity. The proceeds from the first 20,000 downloads of the soundtrack went to the NZ Music Foundation of which Finn is patron.
In 2012, the bank also released an iPhone mobile banking app, following the roll out of a redesigned Kiwibank website. Standard & Poor lowered Kiwibank's credit rating one level from AA− to A+ (outlook stable) and Kiwibank reported a record after tax profit of $79.1 million for the year ended 30 June 2012.
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Kiwibank
Kiwibank Limited is a New Zealand state-owned bank and financial services provider. As of 2023, Kiwibank is the fifth-largest bank in New Zealand by assets, and the largest New Zealand-owned bank, with a market share of approximately 9%. In December 2023, the bank's assets totaled about $35 billion.
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. Initially, it operated as a subsidiary of New Zealand Post, with branches originally co-located within PostShops (post offices) to ensure nationwide accessibility.
Kiwibank is similar in some respects to an earlier post office-based bank owned by the New Zealand Government. The New Zealand Post Office Bank was established in 1867. In 1987, the bank was corporatised and separated from New Zealand Post and Telecom New Zealand to form a stand-alone company – PostBank. Then in 1989 PostBank was sold by the government to ANZ.
Jim Anderton revealed in his valedictory speech that after the issue had previously been discussed by cabinet for months, 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. Give him the bloody bank." Cullen replied: "Oh, all right then."
In 2008, one analysis suggested that Kiwibank had contributed to increased competition in the New Zealand banking sector through lower fees. Additionally, by 2007, Kiwibank had achieved higher customer satisfaction ratings compared to the four major Australian-owned banks operating in New Zealand. In 2008 Kiwibank unveiled an advertising campaign, "Join The Movement", which portrayed foreign-owned competitors as enemy occupiers. The New Zealand Herald called the campaign "jingoistic".
Kiwibank announced an after tax profit of $21.2 million for the year ended 30 June 2011.
In 2012, Kiwibank celebrated its ten-year birthday. The advertising campaign used 10-year-old Kiwis pledging what they're standing up for with New Zealand musician Neil Finn agreeing to the use of his song "Can you hear us?" re-recorded by Jeremy Redmore of Midnight Youth. It was the first time the artist had allowed one of his tracks to be used by a commercial entity. The proceeds from the first 20,000 downloads of the soundtrack went to the NZ Music Foundation of which Finn is patron.
In 2012, the bank also released an iPhone mobile banking app, following the roll out of a redesigned Kiwibank website. Standard & Poor lowered Kiwibank's credit rating one level from AA− to A+ (outlook stable) and Kiwibank reported a record after tax profit of $79.1 million for the year ended 30 June 2012.
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