Jim Bolger To Chair New Zealand Post’s Bank

Former Prime Minister Rt Hon Jim Bolger ONZ is to chair New Zealand Post’s proposed new bank.

Mr Bolger’s appointment was announced this morning by the Chairman of New Zealand Post, Dr Ross Armstrong.

“It is an honour and a pleasure to announce that Rt Hon Jim Bolger, former Prime Minister and currently New Zealand’s Ambassador to the United States, has accepted the position of Chairman of New Zealand Post’s banking subsidiary,” said Dr Armstrong.

“This chairmanship is a natural progression for a man who has served New Zealand for many decades. Mr Bolger has accepted the appointment after comprehensive briefings over several weeks on the business case for the bank. His confidence in the bank, evidenced by his acceptance of the chairmanship, will, I am sure, provide New Zealanders with the assurance that the bank has a sound future.

“Through his political life, Jim Bolger has come to represent good, hardworking, common sense New Zealanders – both town and country people – many of whom feel that they have not been well served by developments in the banking sector over the last decade.

“New Zealand Post’s banking case is based on research that clearly shows a real gap in the market to provide services to these people. Using the existing Post Shop network and new technology, the bank will have cost advantages that it will pass on to customers in the form of lower fees. Combined with New Zealand Post’s strong community reputation, it will be an attractive offer for individuals and families who want to put their money in a New Zealand owned bank.

“In chairing the bank, Jim Bolger’s broad experience with business, government, and all aspects of life in New Zealand will ensure the best possible implementation of the bank. In that regard, he will not be a figurehead. He will have a very real role in shaping and directing how the bank operates.

“Mr Bolger will lead a high calibre board which will include three independent directors with considerable experience and expertise in the banking sector. An announcement on the composition of the board is expected soon, once the final elements of the appointment process are completed.

“In New Zealand, governance responsibilities for banks are very strict to protect depositors. The reputation and probity of the bank’s board, symbolised by the Chairman, is key to public confidence and credibility. The people of New Zealand should, therefore, have no doubts about the commitment of this bank to serve them safely and well.”

As the bank is a subsidiary company of New Zealand Post, the New Zealand Post Board has responsibility for appointing the Chairman and board of the new bank.

Ends

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