16 September 2003 Media release

Kiwibank continues to meet its targets

The continued growth of Kiwibank is being welcomed by Progressive leader Jim Anderton.

The bank announced its result for its second year in operation with, as expected, faster-than-predicted rate of growth.

Jim Anderton championed the bank and he says its progress is ahead of predictions.

"When the government gave the go ahead for NZ Post to start a bank, we didn’t expect it to achieve as many customers as it has so quickly. So the bank is a roaring success," Jim Anderton said.

The bank's business plan always forecast a profit after the third year in operation and it remained on target.

"Kiwibank is offering lower interest rates and fees than the overseas owned banks and it already has New Zealand's largest branch network. As it grows it will retain its profits in New Zealand for the benefit of our economy. I am very proud of its success," Jim Anderton said.

ENDS

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