|Headquarters||Wellington, New Zealand|
|Products||Banking and financial services|
Number of employees
|Parent||New Zealand Post|
Kiwibank Limited is a wholly owned subsidiary of the state-owned enterprise New Zealand Post Limited. Through Kiwibank, New Zealand Post provides banking services through its PostShops (post offices) and joint venture Books & More and Papermate outlets throughout New Zealand. Kiwibank is owned by the New Zealand government and the company's Board of Directors was chaired by former New Zealand Prime Minister Jim Bolger from 2001–2010. The current Chairman of the Board of Directors is Rob Morrison.
- Earlier state-owned banks 1.1
- Establishment 1.2
- Continuing operation 1.3
- Core business activities 2
- Investments 3
- Awards 4
- Sponsorships 5
- References 6
- External links 7
Earlier state-owned banks
Kiwibank is similar in many respects to an earlier post office-based bank owned by the New Zealand government. The New Zealand Post Office Bank was established in 1867. In 1987, the bank was corporatised and separated from New Zealand Post and Telecom New Zealand to form a stand-alone company – PostBank. Then in 1989 PostBank was sold by the government to ANZ.
Jim Anderton revealed in his valedictory speech that after the issue had previously been discussed by cabinet for months, he had spent three hours trying to convince then Finance Minister Michael Cullen, Annette King told Cullen: "Michael, Jim's beaten back every argument against the bank we've ever put up. For God's sake, give him the bloody bank." Cullen replied: "Oh, all right then."
Kiwibank launched in 2002 with 211 branches open nationwide by 30 June.
By 2004, the number of Kiwibank branches had increased by 16 to 301.
In 2006, Kiwibank acquired a 51 per cent shareholding in New Zealand Home Loans.
In 2007, one analysis saw Kiwibank as having fostered a new level of competition in banking in New Zealand in terms of lower fees and growth in service. As of 2007, Kiwibank had higher customer-satisfaction ratings than the four large Australian-owned trading-banks.
As of 2008, Kiwibank reported that it was signing up around 300 new organisations and individuals per day (about 2100 per week) as customers. Within the New Zealand financial institution context this is a significant figure: for the four "Big Five" retail banks (ANZ/National Bank (then ANZ National Bank), ASB, Westpac, BNZ), a typical year will result in a 0.2% increase or decrease in market share (deposit and lending values rather than number of customers).
In 2008 Kiwibank unveiled an advertising campaign, "Join The Movement", which parodied World War II resistance themes. Rival banks, most of them Australian-owned, denounced the advertisements as jingoistic.
In 2009, Kiwi Group Holdings was established as a holding company which owned Kiwibank, Kiwi Insurance Ltd and 76 percent of New Zealand Home Loan Company.
In 2010, Paul Brock was appointed new Kiwibank Chief Executive after Sam Knowles resigned.
In 2012, Kiwibank Group purchased Gareth Morgan Investments.
Core business activities
Kiwibank’s core business consists of personal banking, business banking, KiwiSaver and other wealth services.
Kiwibank Personal Banking
Personal banking products and services include home loans, personal loans, credit cards, everyday accounts, savings accounts, investment services and insurance products.
Kiwibank Business Banking
Business Banking products and services include business lending, cheque accounts, credit cards, investments, merchant services, payment services and insurance.
This includes online and manual international money transfers, foreign exchange and Foreign Currency Accounts and travellers' cheques.
Kiwibank invested NZ$8m into a 51% shareholding in New Zealand Home Loans, a home loan lender specialising in debt reduction, in June 2006, and increased this in 2008 by a further 25% and took 100% in 2011. New Zealand Home Loans continues to grow offering an alternative to the traditional banking model and have a nationwide network of over 75 franchises.
In 2012 Kiwibank purchased
- New Zealand Post
- New Zealand Home Loans
-  Archived 19 March 2008 at the Wayback Machine
- Bank of the Year - New Zealand, The Banker, 2009, 2010
- Sunday Star-Times' Bank of the Year, 2006, 2007, 2008, 2009, 2010, 2012
- New Zealand's Most Trusted Bank, Reader's Digest Trusted Brand Awards, 2007, 2008, 2009, 2011, 2012
Other awards won by Kiwibank include:
Kiwibank has won the Sunday Star Times/Cannex banking awards, in 2006, 2007, 2008, 2009, 2010 and 2012 for offering the best value across their range of products.