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

 

Jim Bolger To Chair New Zealand Post’s Bank

Former Prime Minister Rt Hon Jim Bolger To Chair New Zealand Post’s Banking Subsidiary

Former Prime Minister Rt Hon Jim Bolger ONZ is to chair New Zealand Post’s proposed new bank.

Mr Bolger’s appointment was announced this morning by the Chairman of New Zealand Post, Dr Ross Armstrong.

“It is an honour and a pleasure to announce that Rt Hon Jim Bolger, former Prime Minister and currently New Zealand’s Ambassador to the United States, has accepted the position of Chairman of New Zealand Post’s banking subsidiary,” said Dr Armstrong.

“This chairmanship is a natural progression for a man who has served New Zealand for many decades. Mr Bolger has accepted the appointment after comprehensive briefings over several weeks on the business case for the bank. His confidence in the bank, evidenced by his acceptance of the chairmanship, will, I am sure, provide New Zealanders with the assurance that the bank has a sound future.

“Through his political life, Jim Bolger has come to represent good, hardworking, common sense New Zealanders – both town and country people – many of whom feel that they have not been well served by developments in the banking sector over the last decade.

“New Zealand Post’s banking case is based on research that clearly shows a real gap in the market to provide services to these people. Using the existing Post Shop network and new technology, the bank will have cost advantages that it will pass on to customers in the form of lower fees. Combined with New Zealand Post’s strong community reputation, it will be an attractive offer for individuals and families who want to put their money in a New Zealand owned bank.

“In chairing the bank, Jim Bolger’s broad experience with business, government, and all aspects of life in New Zealand will ensure the best possible implementation of the bank. In that regard, he will not be a figurehead. He will have a very real role in shaping and directing how the bank operates.

“Mr Bolger will lead a high calibre board which will include three independent directors with considerable experience and expertise in the banking sector. An announcement on the composition of the board is expected soon, once the final elements of the appointment process are completed.

“In New Zealand, governance responsibilities for banks are very strict to protect depositors. The reputation and probity of the bank’s board, symbolised by the Chairman, is key to public confidence and credibility. The people of New Zealand should, therefore, have no doubts about the commitment of this bank to serve them safely and well.”

As the bank is a subsidiary company of New Zealand Post, the New Zealand Post Board has responsibility for appointing the Chairman and board of the new bank.

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Policy Lessons From A Year Of Covid-19

The Reserve Bank of New Zealand – Te Pūtea Matua was in a sound position to continue to meet its mandate in the face of the COVID-19 induced economic shock. However, we must continue to transform so as to remain relevant and effective in addressing longer-term challenges, Reserve Bank Governor Adrian Orr said... More>>


Transport Industry Association: Feb 2021 New Vehicle Registrations Strongest On Record

Motor Industry Association Chief Executive David Crawford says that the February 2021 figures are the strongest for the month of February ever. Registrations of 12,358 were 8.0% up on February 2020. Year to date the market is up 7.1% (1,735 units) compared to the first two months of 2020... More>>

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>



Psychic Ventures: US Consumer Spending On Video Games Jumped By 42% In Jan 2021

On a global scale, there was a 15% increase in digital games revenue in January 2021, pushing the total to $11.6 billion.
In the US, gaming revenue rose to an impressive high during the month thanks to the new generation of consoles. ... More>>

OECD: Annual Inflation Picks Up To 1.5% In January 2021 While Euro Area Records Sharp Increase To 0.9%

Annual inflation in the OECD area picked up to 1.5% in January 2021, compared with 1.2% in December 2020. Following a rebound between December and January, the annual decline in energy prices was less pronounced in January (minus 3.9%) than in December... More>>


Hemp Industries Association: Could The Next Team NZ Boat Be Made Entirely Of Hemp?

With The America’s Cup due to start in a few days’ time, innovators from a very different sphere have been wondering how long it could be before New Zealand could be competing in a boat entirely built from hemp, with the crew eating high-energy, nutritious hemp-infused foods and wearing high-performance hemp kit..? More>>


ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>