Post venture named Kiwibank

By Phil Boeyen, ShareChat Business News Editor

Monday 5th November 2001

New Zealand Post says its new financial venture - till now dubbed the People's Bank - is being called Kiwibank.

The bank's chairman, former Prime Minister Jim Bolger, announced the name at a media launch function in Wellington on Monday.

"The bank project team and New Zealand Post directors looked at a wide range of options to find a name which clearly represented the values of the new bank. The public was very clear in its views.

"One name stood out: Kiwibank. It is a name with instant recognition and which says 'this is a New Zealand bank'. It says it is a bank for all New Zealanders. That single word, Kiwibank, captures the friendly can-do attitude of New Zealanders, which is exactly what we want the bank to achieve."

Mr Bolger took the media through a model of the new bank which had been set up in a warehouse in a Wellington suburb. The model was furnished in the light green colour which has been chosen for the bank and included bank counters, an interview room and banking facilities, all as they will be when the bank opens next year.

The systems and processes for Kiwibank will be put through a full trial starting in Wellington next month with NZ Post staff being given Kiwibank chequebooks and bankcards as well as cheque and savings accounts.

The aim is to allow the bank project to put the processes through a real trial before the bank is launched next year.

Kiwibank plans to open next year with a nation-wide roll-out throughout the country from March.

Monday's launch was dampened somewhat by a survey out the same day which shows declining support for the concept of the bank.

An annual consumer opinion survey on banking show that more than 50% or respondents are opposed to the bank whereas last year more than half were in support.

Only 16% of those surveyed said they would seriously consider signing up for the new bank, less than half the number who last year said they would switch their custom.

Deputy Prime Minister and Alliance leader, Jim Anderton, who has been the main driver behind the new bank, shrugged off the survey and says the project only needs to gain a 5% share of the market to make money.

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