Bolger to chair 'people's bank'

By Phil Boeyen, ShareChat Business News Editor

Tuesday 4th September 2001

Former Prime Minister and National Party leader, Jim Bolger, is to chair New Zealand Post's new bank.

Mr Bolger, who has also been appointed to the NZ Post board, is currently New Zealand's ambassador in Washington.

NZ Post chairman, Dr Ross Armstrong, says Mr Bolger has accepted the appointment after comprehensive briefings over several weeks on the business case for the bank.

"His confidence in the bank, evidenced by his acceptance of the chairmanship, will, I am sure, provide New Zealanders with the assurance that the bank has a sound future.

"New Zealand Post's banking case is based on research that clearly shows a real gap in the market to provide services to these people. Using the existing Post Shop network and new technology, the bank will have cost advantages that it will pass on to customers in the form of lower fees."

Dr Armstrong says Mr Bolger's broad experience with business, government, and all aspects of life in New Zealand will ensure the best possible implementation of the bank.

"In that regard, he will not be a figurehead. He will have a very real role in shaping and directing how the bank operates."

The Minister for State-Owned Enterprises, Mark Burton, has welcomed Mr Bolger's board appointment and says shareholding ministers anticipate that next year he will follow Ross Armstrong as the chair of NZ Post.

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