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

 


International Business Forum: NZ EU FTA Coming Down To The Wire – Hold The Line

As negotiations accelerate to conclude an ambitious free trade agreement between New Zealand and the European Union, the NZ International Business Forum (NZIBF), representing a cross section of major exporters... More>>


MBIE: NZ space sector set to star in Moon mission
The New Zealand space sector is set to star in NASA’s CAPSTONE moon mission – with Rocket Lab launching a satellite to the Moon from New Zealand in June, and the lift-off of a separate NASA-NZ lunar research project... More>>



Air New Zealand: Relaunching 14 International Routes In 16 Days

Air New Zealand is gearing up for the busiest July in two years with the relaunch of 14 international routes in 16 days... More>>


Carbonz: Cashing In On Carbon: The New Marketplace Helping Native Forest To Thrive

The country’s first voluntary carbon credit marketplace, Carbonz, is here to restore native biodiversity and help Aotearoa reach its carbon zero goals by selling the first carbon credits exclusively from native forest... More>>
Entrust District: Dividend Will Be Welcomed After Another Tough Year
We’ve all heard of the saying; “if it sounds too good to be true, it probably is” but for Aucklanders within the Entrust District, getting their share of Entrust’s 2022 annual dividend payment really is as good as it sounds... More>>

BusinessNZ: NZ Economy - Prevailing Headwinds
The latest BusinessNZ Planning Forecast reveals business and consumer confidence is low, with factors at home and abroad hampering our recovery... More>>