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Only A Kiwi Bank Can Help

A publicly-owned New Zealand bank is the only viable alternative to the rapacious behaviour of overseas-owned banks, Deputy Prime Minister Jim Anderton said today.

The ANZ has announced that it will close even more branches in the next year, despite lifting its profit from New Zealand operations by more than five per cent to $276 million.

The ANZ says higher fees are responsible for the profit surge, increasing by $43 million, to $312 million last year.

"No matter how much profit the overseas-owned banks make from New Zealand, they keep increasing fees and closing branches.

"There is only one way to force fees down and to ensure there are more branches in local communities providing better service and keeping profits oin New Zealand: That is through a publicly-owned kiwi bank set up using the branch network of New Zealand Post," Jim Anderton said.


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