GetWiki

{{Short description|Retail bank in New Zealand}}{{Advert|date=July 2022}}{{Use dmy dates|date=September 2015}}{{Use New Zealand English|date=September 2015}}

factoids

>Jon Hartley (ChairHTTPS://WWW.KIWIBANK.CO.NZ/ABOUT-US/WHO-WE-ARE/OUR-LEADERS/>TITLE = OUR LEADERS | WHO WE ARE, of Board of Directors)}}| products = Banking and financial services| num_employees = 2500+| parent =S&P)KIWIBANK LIMITEDWEBSITE=RESERVE BANK OF NEW ZEALAND BANK FINANCIAL STRENGTH DASHBOARD, | homepage = {{Official URL}}}}(File:St Luke’s Kiwibank Branch.webp|thumb|Kiwibank Branch - St Lukes Auckland)Kiwibank Limited is a New Zealand state-owned bank and financial services provider. As of 2023, Kiwibank is the fifth-largest bank in New Zealand by assets, and the largest New Zealand-owned bank, with a market share of approximately 9%.WEB, New Zealand’s government transfers Kiwibank assets to new company,www.reuters.com/business/finance/new-zealands-government-transfers-kiwibank-assets-new-company-2022-08-21/, 23 April 2024, In December 2023, the bank’s assets totaled about $35 billion.WEB, Kiwibank accounted for 25% of all bank mortgage lending in Dec half year - Good Returns,www.goodreturns.co.nz/article/976522815/https//www.goodreturns.co.nz/article/976522815/kiwibank-accounted-for-25-of-all-bank-mortgage-lending-in-dec-half-year.html, 2024-04-24, www.goodreturns.co.nz, en, Kiwibank was established in 2001 by the Fifth Labour Government of New Zealand, following a proposal by then Deputy Prime Minister Jim Anderton, to set up a locally-owned bank capable of competing with the Big Four Australian banks which dominated the domestic market. Initially, it operated as a subsidiary of New Zealand Post, with branches originally co-located within PostShops (post offices) to ensure nationwide accessibility.WEB,thespinoff.co.nz/business/25-02-2022/the-little-local-bank-that-could-20-years-of-kiwibank, The local bank that could: 20 years of Kiwibank, 25 February 2022,

History

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.WEB,www.teara.govt.nz/en/photograph/32672/new-zealand-post-and-kiwibank, New Zealand Post and Kiwibank, Ministry for Culture and Heritage, Te Ara, 22 June 2015,

Establishment period (2002–2010)

The bank originated from Alliance Party policy during the 1999—2002 term of the Labour-led coalition government.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.“NEWS,www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10756872, Elliotts’ suffering shook me - Power, 6 October 2011, The New Zealand Herald, 13 October 2011, NEWS, Watkins, Tracy, Bowing out with a final victorious quip, The Press, 5 October 2011, A9, Kiwibank launched in 2002 with 211 branches open nationwide by 30 June.In 2008, one analysis suggested that Kiwibank had contributed to increased competition in the New Zealand banking sector through lower feesNEWS, Andrea, Milner, Experts question the high cost of banking,www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10509346&pnum=0, APN Holdings NZ, 2008-05-11, 2014-03-14date=March 2014}}. Additionally, by 2007, Kiwibank had achieved higher customer satisfaction ratings compared to the four major Australian-owned banks operating in New Zealand.CHRIS >LAST=DANIELS URL=HTTP://WWW.NZHERALD.CO.NZ/AUTHOR/STORY.CFM?A_ID=73&OBJECTID=10433073 PUBLISHER=APN HOLDINGS NZ ACCESSDATE=2008-04-26, (File:Kiwibank.webp|thumb)In 2008 Kiwibank unveiled an advertising campaign, “Join The Movement”, which portrayed foreign-owned competitors as enemy occupiers. The New Zealand Herald called the campaign “jingoistic”.NEWS,www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10513336, Stock takes: Changes rankle, Bennett, Adam, 30 May 2008, The New Zealand Herald, 13 October 2011,

Since 2010

Kiwibank announced an after tax profit of $21.2 million for the year ended 30 June 2011.WEB,www.kiwibank.co.nz/about-us/press-releases/2012-08-22-kiwibank-reports-record-profit/, Kiwibank reports record profit, Kiwibank, en, 2017-08-22, In 2012, Kiwibank celebrated its ten-year birthday. The advertising campaign used 10-year-old Kiwis pledging what they’re standing up for with New Zealand musician Neil Finn agreeing to the use of his song “Can you hear us?” re-recorded by Jeremy Redmore of Midnight Youth. It was the first time the artist had allowed one of his tracks to be used by a commercial entity. The proceeds from the first 20,000 downloads of the soundtrack went to the NZ Music Foundation of which Finn is patron.WEB,www.scoop.co.nz/stories/BU1204/S00672/kiwibank-celebrates-10-years.htm?from-mobile=bottom-link-01, Kiwibank Celebrates 10 Years {{!, Scoop News|website=www.scoop.co.nz|access-date=2017-08-22}}In 2012, the bank also released an iPhone mobile banking app, following the roll out of a redesigned Kiwibank website.WEB,www.kiwibank.co.nz/about-us/press-releases/2012-05-11-kiwibank-mobile-banking-app-launched/, Kiwibank mobile banking app launched, Kiwibank, en, 2017-08-22, Standard & Poor lowered Kiwibank’s credit rating one level from AA− to A+ (outlook stable)WEB,www.kiwibank.co.nz/about-us/press-releases/2012-10-30-standard-poors-lowers-kiwibanks-credit-rating/, Standard & Poor’s lowers Kiwibank’s credit rating, Kiwibank, en, 2017-08-22, and Kiwibank reported a record after tax profit of $79.1 million for the year ended 30 June 2012.In 2014, Kiwibank launched its “Independence” advertising campaign where it “compares itself to anyone who has ever immigrated to New Zealand”.NEWS,stoppress.co.nz/news/kiwibank-throws-independence-wind, Kiwibank throws independence to the wind, 2014-11-28, 2017-08-22, en, In 2016, New Zealand Post announced a successful completion of the sale of 47 percent of Kiwibank to the New Zealand Superannuation Fund (25 percent) and the Accident Compensation Corporation (ACC) (22 percent).WEB,www.scoop.co.nz/stories/BU1610/S00979/nz-post-announces-kiwibank-deal-completion.htm, NZ Post announces Kiwibank deal completion {{!, Scoop News|website=www.scoop.co.nz|access-date=2017-08-22}} The $494 million deal values KGHL at $1,050 million and retains NZ Post as the majority owner of Kiwibank as well as keeping the bank fully New Zealand owned.On 22 August 2022, the New Zealand Government purchased Kiwibank’s holdings company Kiwi Group Holdings for an estimated NZ$2.1 billion. As a result, the Government acquired full control of the state-owned bank from the New Zealand Superannuation Fund, ACC, and New Zealand Post.NEWS, Government taking direct control of Kiwibank,www.rnz.co.nz/news/business/473251/government-taking-direct-control-of-kiwibank, 1 September 2022, Radio New Zealand, 22 August 2022,web.archive.org/web/20220824060442/https://www.rnz.co.nz/news/business/473251/government-taking-direct-control-of-kiwibank, 24 August 2022, live, In response to the Government’s purchase of Kiwibank, KiwiSaver providers opined that the Government could have offered to partially sell shares to the public. The opposition ACT Party’s leader David Seymour called for a partial sale of Kiwibank’s shares to pension funds. Similarly, the opposition National Party questioned the Labour Government’s ability to run Kiwibank.NEWS, Stock, Rob, Fears Government plan could turn Kiwibank into a ‘local zombie bank’,www.stuff.co.nz/business/129645891/fears-government-plan-could-turn-kiwibank-into-a-local-zombie-bank?rm=a, 1 September 2022, Stuff (website), Stuff, 22 August 2022,web.archive.org/web/20220826022647/https://www.stuff.co.nz/business/129645891/fears-government-plan-could-turn-kiwibank-into-a-local-zombie-bank?rm=a, 26 August 2022, live,

Core business activities

(File:Newmarket Kiwibank Branch.jpg|thumb|Kiwibank Branch in Newmarket)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.WEB,www.kiwibank.co.nz/personal-banking/, Personal Banking New Zealand, Kiwibank.co.nz, 2015-08-11,

Kiwibank Business Banking

Business Banking products and services include business lending, cheque accounts, credit cards, investments, merchant services, payment services and insurance.WEB,www.kiwibank.co.nz/business-banking/, Business Banking New Zealand, Kiwibank.co.nz, 2015-08-11,

International services

This includes online and manual international money transfers, foreign exchange and Foreign Currency Accounts and travellers’ cheques.

Investments

Kiwibank invested NZ$8m into a 51% shareholding in New Zealand Home Loans,WEB,www.nzhomeloans.co.nz/, New Zealand Home Loans - Helping Kiwis get Debt Free Faster, Nzhomeloans.co.nz, 2015-08-11, a home loan lender specialising in debt reduction, in June 2006, and increased this in 2008 by a further 25% and took 100% in 2012. New Zealand Home Loans continues to grow offering an alternative to the traditional banking model and have a nationwide network of over 75 franchises.WEB,www.nzhomeloans.co.nz, New Zealand Home Loans - Helping Kiwis get Debt Free Faster, Nzhomeloans.co.nz, 2015-08-11, In 2012, Kiwi Group Holdings (the parent company of Kiwibank) purchased Gareth Morgan Investments (GMI) for an undisclosed sum.WEB,www.nbr.co.nz/article/kiwibank-consolidates-kiwisaver-gareth-morgan-brand-wb-125496, Kiwibank consolidates KiwiSaver in Gareth Morgan brand | The National Business Review, Nbr.co.nz, 2012-08-09, 2015-08-11, In August 2013 GMI reached a milestone of $2 billion funds under management.In 2015, Gareth Morgan Investments (GMI) was re-branded to Kiwi Wealth, offering global investment management and private portfolio services to retail high-net-worth, pension funds and institutional clients.In 2018, Kiwi Wealth’s asset under management (AUM) surpass $6 billion.

Awards

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.NEWS, Rob, Stock, Kiwibank posts a good result,www.stuff.co.nz/sundaystartimes/4404302a22981.html,www.stuff.co.nz/sundaystartimes/4404302a22981.html," title="archive.today/20120910135411www.stuff.co.nz/sundaystartimes/4404302a22981.html,">archive.today/20120910135411www.stuff.co.nz/sundaystartimes/4404302a22981.html, dead, 2012-09-10, Sunday Star-Times, Fairfax New Zealand, 2008-02-21, 2008-04-26, It has also won New Zealand’s Most Trusted Bank at the Reader’s Digest Trusted Brand Awards from 2006 to 2017.WEB,www.trustedbrands.co.nz/results.asp, New Zealand Trusted Brands 2017 Winners, Digest, Reader’s, www.trustedbrands.co.nz, 2017-08-22, WEB,www.scoop.co.nz/stories/BU1507/S00819/new-zealands-most-trusted-brands-for-2015-revealed.htm, New Zealand’s most trusted brands for 2015 revealed {{!, Scoop News|website=www.scoop.co.nz|access-date=2017-08-22}}CANSTAR Awards include:

• Bank of the Year for First Home Buyers 2011, 2012, 2013, 2014, 2015, 2015, 2016, 2017 NEWS,www.canstar.co.nz/first-home-buyers/due-diligence-key-kiwibank-tells-first-home-buyers/, Canstar 2017 Bank of the Year – First Home Buyers: Kiwibank, 2017-06-21, Canstar, 2017-08-22, en-GB,
• Best Value Term Deposit Award 2015, 2014, 2016

Other awards won by Kiwibank include:

• Bank of the Year - New Zealand, The Banker, 2009, 2010
• Sunday Star-Times’ Bank of the Year, 2006, 2007, 2008, 2009, 2010, 2012
• Global Finance Best Bank in New Zealand 2013WEB,www.kiwibank.co.nz/about-us/press-releases/2013-03-28-kiwibank-named-best-bank-in-new-zealand/, Kiwibank named best bank in New Zealand, 28 March 2013, www.kiwibank.co.nz,
• Supreme Award from the AUT Business School Excellence in Business Support Awards 2013
• Roy Morgan Major Bank of the Year Award 2012, 2013, 2014, 2015, 2015, 2016

In 2015 the Kiwi Wealth KiwiSaver Scheme (run by GMI) was awarded the inaugural Consumer NZ People’s Choice Award.

Sponsorships

Kiwibank was one of the major sponsors of The Block NZ from 2012 - 2014.In 2012 it took up sponsorship of the CFA Institute Research Challenge hosted by the CFA Society of New Zealand.New Zealand’s first FinTech Accelerator was set up in 2016 with Kiwibank sponsorship.WEB,www.kiwibank.co.nz/about-us/press-releases/2016-10-07-kiwibank-fintech-accelerator-to-scale-up-kiwi-start-ups/, Kiwibank Fintech Accelerator to scale up Kiwi start-ups, Kiwibank, en, 2017-08-22, The 2018 Kiwibank FinTech Accelerator three month business growth programme resulted in seven start ups and was also supported by Xero, MasterCard and Microsoft. The businesses were: AccountingPod, Tapi (formally FlatFish), Liberac, Sharesies, Teddy, Wicket and a Xero team.NEWS,www.callaghaninnovation.govt.nz/news-and-events/fintech-demo-day-showcases-financial-techs-future, FinTech demo day showcases financial tech’s future, 2017-05-19, Callaghan Innovation, 2017-08-22, en, In July 2019 the Kiwibank FinTech Accelerator intake included BankEngine, Cove Insurance, and Miuwi.WEB,www.lightninglab.co.nz/next-wave-of-fintech-success-stories-join-accelerator/, Next wave of FinTech success stories join accelerator, Dare, Kelly, 2019-07-01, Lightning Lab, en-US, 2019-07-02,

Corporate social responsibility

Kiwibank is the major sponsor of the New Zealander of the Year AwardsWEB,www.nzawards.org.nz/, New Zealander of the Year Awards, Nzawards.org.nz, 2015-08-11, A partnership with the children’s financial literacy provider Banqer was formally launched in May 2016, setting the one-year goal at 1000 classrooms being sponsored into the programme. This was achieved by April 2017 but the programme continues to grow.WEB,www.scoop.co.nz/stories/BU1704/S00079/banqer-economies-booming-in-kiwi-classrooms.htm, Banqer Economies Booming in Kiwi Classrooms {{!, Scoop News|website=www.scoop.co.nz|access-date=2017-08-22}}In 2016 Kiwibank announced a partnership with the Predator Free New Zealand Trust and the Department of Conservation (DOC).WEB,www.kiwibank.co.nz/about-us/press-releases/2016-09-15-parties-agree-key-commercial-terms-for-combined-crown-ownership-of-kiwibank/, Kiwibank launches ‘Boots and Paws’ taskforce, Kiwibank, en, 2017-08-22, Kiwibank worked with PFNZ to establish the Kiwibank Predator Free Communities Programme which works with communities wanting to take up the predator-free challenge. The DOC partnership is centred around the Conservation Dogs programme which piloted New Zealand’s first specialist conservation dog unit with two full-time dog handlers. At the time there were 80 conservation dogs in New Zealand, 45 of whom find protected species and 35 who find pests.

See also

• List of banks
• List of banks in New Zealand

References

{{Reflist|colwidth=30em}}{{Wikinews|New Zealand ATM gives out double the money}}

External links

{{Commons category|Kiwibank}}

• {{Official website}}
• New Zealand Post
• New Zealand Home Loans

{{NZ Banks}}{{Authority control}}