MEDIA RELEASE
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.

ENDS