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Smart money going to RaboPlus as deposits top

Thursday, August 24, 2006

Smart money going to RaboPlus as deposits top

$500 million in record time

Deposits of more than half a billion dollars in just six months is proof that smart New Zealanders are strongly supporting online banking newcomer RaboPlus – a division of rural banking specialist Rabobank.

In just six months, RaboPlus, the newest entrant into the New Zealand online banking arena, has attracted more than half a billion in deposits from a client base that is primarily urban.

Rabobank will now invest the $500 million in deposits at RaboPlus into New Zealand’s rural sector.

RaboPlus General Manager Mike Heath says: “It’s where all the smart money is going.

“We set ourselves aggressive targets at the time of launch in terms of deposits and customer numbers, both of which have been exceeded and we’re only half-way through our financial year.

“I think this suggests our “significant other bank” proposition and marketing strategy has been on the money.

“We have a top level Standard & Poor’s rating and smart investors know the importance of these independent endorsements, especially following the recent high profile collapse of several finance companies. Our AAA credit rating is the best in the market and we’re seeing support for that.

"Plus, we’ve picked up a considerable number of new customers following the departure of Superbank.

“RaboPlus’high interest savings, investment products and high level security was a popular choice for many trying to find a safe pair of hands for their hard earned cash,” he says.

Designed to complement consumers' existing banking arrangements, RaboPlus offers New Zealanders a high interest, no fees, on-call savings account as well as term deposits and access to managed funds – all available 24/7 online.

Customers access RaboPlus’ online service using a two-factor security authentication process, which is the safest way to bank online and has been praised by the New Zealand Police.

Rabobank Group is the only banking group in New Zealand to have a AAA credit rating from Standard & Poor's and Moody's, the highest available - a reflection of the bank's financial security. The Rabobank Group has been rated twice (in 2004 and 2005) by Global Finance Magazine as one of the world's safest banks.

Rabobank is one of the largest financial institutions in the world. For comparison purposes, the total assets of Rabobank Group are larger than the combined global assets of NAB, ANZ and Westpac. (Source Global Finance Magazine, October 2005.)

ENDS

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