Registration A Key Milestone For Kiwibank

For immediate release 29 November 2001

Registration A Key Milestone For Kiwibank

Chairman of the New Zealand Post Bank Project, Rt Hon Jim Bolger ONZ, welcomed advice from the Reserve Bank that Kiwibank had been granted bank registration.

“This important milestone means the bank can now begin testing its procedures and systems in the marketplace in the lead-up to opening next year,” said Mr Bolger.

Mr Bolger also announced that international credit agency Standard and Poor’s had confirmed its decision in September to give Kiwibank a credit rating of AA minus.

“The strong Standard and Poor’s rating puts us on a par with other major banks in New Zealand, giving customers confidence in the stability of the bank.”

From early December, the operational systems of Kiwibank will be fully tested. This will involve a small group of bank staff making banking transactions which will be closely monitored. These will include accounts opening, using ATM and EFTPOS machines, transferring money between accounts and paying bills.

Kiwibank Chief Executive Sam Knowles said the testing was critical to receiving unconditional registration, enabling Kiwibank to begin opening branches in about 300 Post Shops and Books & More outlets across the country next year.

Mr Knowles said an announcement on the first postal outlets to provide Kiwibank services would be made early in the New Year.

ENDS

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