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


SBS records strong investment growth

10 November 2008

SBS records strong investment growth

The first month of trading as the country’s newest retail bank has reflected positively in SBS’ new deposit growth during October.

SBS general manager finance Tim Loan said investment growth of over $75 million had been achieved by the bank last month, signalling an increased level of confidence associated with a New Zealand-owned bank.

“In one month we’ve probably got funding growth that we could usually expect over a period of six months, so it’s been an extremely positive response to us gaining bank registration.

“New deposits are being spread over a variety of our quality investment products with fixed term savings, our Star Investment Special, i-save online savings and unsecured transactional accounts all faring strongly.

“There is no real pattern in the new funding growth. We believe the investment response from our existing and new customers alike is because they can identify with us being the first building society in the world to gain bank registration and, in turn, the only bank in New Zealand to be wholly owned by its customers with no foreign-based shareholders drawing away profits,” Mr Loan said.

People were coming into the 15 SBS branches around the country to talk in person with SBS staff about what options were best for them and experience the personal service that SBS was renowned for.

This coupled with bank registration and SBS being among the first institutions admitted to the Government’s deposit guarantee scheme by Treasury were proving positive across the board.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>


Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>


Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>


Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>