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Kiwibank Runaway Success

8 May 2002

The Kiwibank could be setting a world record for the speed of its branch openings.

Jim Anderton spoke to the Seafarers’ Conference today and praised the speed with which the Kiwibank has been established.

“We can’t find another bank anywhere in the world that has opened as many branches as quickly as Kiwibank.

“Already there are 140 new branches of kiwi bank open and new branches are opening at the rate of thirty a week.

“Branches are opening even faster than Richard Prebble used to close branches of the Post Office.

“The bank is proving an enormous success: New customers are signing up at the rate of 500 a day.

By the end of this year there will be close to three hundred new branches.

“It is a shame that the National and ACT parties have led a campaign against the Kiwibank. Rodney Hide went all around New Zealand claiming that Kiwibank would fail.

“Kiwibank has probably paid its way already because the savings in fee reductions and interest charges of the overseas-owned banks have been so marked.

“The Australian banks should be explaining why they can afford to reduce their fees now, when they couldn’t afford to do so until the prospect of competition from Kiwibank arrived,” said Jim Anderton.

Ends

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