Kiwibank's Registration Completed
The Reserve Bank today announced that Kiwibank Limited is now permitted to open its doors as a registered bank.
Reserve Bank Deputy Governor Rod Carr commented "Kiwibank's initial registration, on 29 November 2001, only allowed it to test its systems and procedures in anticipation of opening for business later on. Registration was required to make these tests transactions lawful.
"The Reserve Bank required this two-stage process because Kiwibank is being created from scratch. In recent years all other bank registrations have been by existing overseas banks or financial institutions that already had proven infrastructures.
"These tests have been completed, and other relevant conditions satisfied, and, as a result, in terms of its registration as a bank, Kiwibank Limited is now permitted to do business with the public," Dr Carr concluded.
A total of 17 banks are now registered in New Zealand.