Statement by Progressive leader Jim Anderton
http://www.progressive.org.nz

Kiwibank to open 300th branch tomorrow

Kiwibank is opening its 300th branch tomorrow which is good news for the people of Manukau City and a timely reminder of the broader benefits to regional economies and all consumers of Kiwibank's existence, says Progressive leader Jim Anderton.

"Kiwibank is the bank of choice of over a quarter of a million Kiwis.

"It is now the largest retail banking network in New Zealand - which means its very existence is delivering services to regions previously neglected by the big foreign-owned banks.

"Kiwibank's competitive fees, meanwhile, bring financial benefits to all Kiwis - no matter which bank they use," Jim Anderton said.

"The extraordinary success of Kiwibank demands a response from the National Party and its leader, Don Brash.

"National's position is that Kiwibank shouldn't exist because the government shouldn't own a bank on behalf of New Zealanders. Don Brash's challenge is to explain to all New Zealanders why his party would throw away another piece of New Zealand sovereignty and pride - our only nationwide, New Zealand-owned bank," Jim Anderton said.

"National must explain why it would stifle innovation and undermine competition in the banking system by selling Kiwibank to one of the big foreign banks that until recently totally dominated our banking system," the Progressive leader said.

Note: All major banks, other than one, have introduced lower fee products since the arrival of Kiwibank; All banks have revamped their childrens' savings accounts since Kiwibank came to town; Banks are increasing opening hours and selected Saturday openings - thanks to the challenge from the bank owned by all Kiwis; Banks are in fact now opening new branches around the regions, the opposite trend to what we had to endure before

Kiwibank; Customers now have access to bank services in around 50 localities where major banks had previously left (that is ten towns and 40 suburbs); Kiwibank has been judged "best bank" for the last two years by Consumer Magazine. It is opening its 300th branch tomorrow in Mangere East, Manukau City.

ENDS

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