Welcome to Greenstone Bank?

By Phil Boeyen, ShareChat Business News Editor

Thursday 27th September 2001

New Zealand Post appears to be leaning heavily on nationalism in a search for the right name for the so-called People's Bank.

Greenstone Bank, KiwiBank, JustBank, Kauri Bank and First Light are a few of the names being tossed around as the Post Office undertakes market research for its new financial venture.

The research is also endeavouring to find out what kind of perception the public already has of the bank, asking in telephone interviews who people consider the new service is targeted towards - low-income earners, beneficiaries and superannuitants or middle-income earners and first-home buyers.

The as yet un-named bank has already been tipped to receive a credit-rating of AA- by Standard & Poor's, the same rating as held by ANZ, ASB, National and Westpac. NZ Post also has an AA- rating.

Previously S&P has said that there appears to be definite demand for a domestically-owned New Zealand bank but the venture's success will depend on attracting customers and also managing risk.

The Reserve Bank is expected to hand over the licence for the new bank to NZ Post later in the year. The venture is to be chaired by former Prime Minister and National Party leader, Jim Bolger.

Comments from our readers

No comments yet