Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Registration A Key Milestone For Kiwibank

For immediate release 29 November 2001

Registration A Key Milestone For Kiwibank

Chairman of the New Zealand Post Bank Project, Rt Hon Jim Bolger ONZ, welcomed advice from the Reserve Bank that Kiwibank had been granted bank registration.

“This important milestone means the bank can now begin testing its procedures and systems in the marketplace in the lead-up to opening next year,” said Mr Bolger.

Mr Bolger also announced that international credit agency Standard and Poor’s had confirmed its decision in September to give Kiwibank a credit rating of AA minus.

“The strong Standard and Poor’s rating puts us on a par with other major banks in New Zealand, giving customers confidence in the stability of the bank.”

From early December, the operational systems of Kiwibank will be fully tested. This will involve a small group of bank staff making banking transactions which will be closely monitored. These will include accounts opening, using ATM and EFTPOS machines, transferring money between accounts and paying bills.

Kiwibank Chief Executive Sam Knowles said the testing was critical to receiving unconditional registration, enabling Kiwibank to begin opening branches in about 300 Post Shops and Books & More outlets across the country next year.

Mr Knowles said an announcement on the first postal outlets to provide Kiwibank services would be made early in the New Year.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news