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NZ Post Financial Services Limited Registers Bank

New bank registered

The Reserve Bank today announced that it had registered New Zealand Post Financial Services Limited as a bank, which allows it to test its systems and procedures in anticipation of opening for business early next year.

New Zealand Post Financial Services Limited has previously announced that it intends to operate under the name “Kiwibank”.

Reserve Bank Deputy Governor Rod Carr commented: “This registration is unusual, in that it is the first in many years in which a new bank is being created from scratch. In recent years all other registrations have been by existing overseas banks or financial institutions that already had proven infrastructures.

“For this reason, registration is taking place in two stages. Initially, New Zealand Post Financial Services Limited (Kiwibank) will be registered as a bank, but only for the purpose of testing its systems and procedures. Thus, during this testing phase, it will undertake a series of real transactions, including making settlements with other banks, but it will not be opening its doors to the public. Registration in this way is necessary for these test transactions to be lawful.

“Once these tests are successfully completed, and other relevant conditions satisfied, New Zealand Post Financial Services Limited (Kiwibank) will then be able to begin business with the public,” Dr Carr concluded.

This registration brings the total number of registered banks in New Zealand to 17.

ENDS

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