23 July 2003

Jim Anderton MP, Progressive Leader

Anderton welcomes Kiwibank expansion

Kiwibank’s rapid expansion is being welcomed by Progressive leader Jim Anderton.

“The bank is even more popular than the business case forecast. It is appropriate for New Zealand Post to support its growth with capital from its own balance sheet. The alternative would be to restrict the bank’s growth at a time when there is clearly demand for it.

“New customers continue to join at the rate of 400 a day and Kiwibank is signing as many home loans as other banks.

“Kiwibank has been a success. It has forced down fees and reversed branch closures at the overseas-owned banks. The effect of those gains alone means that Kiwibank has already paid for itself.

“Even more importantly, the number of New Zealanders who think the bank’s creation is a good idea has soared to very high levels,” Jim Anderton said.

ENDS

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