Superbank registers with RB

The bank, a 50:50 joint venture between supermarket giant Foodstuffs and Australia's St George Bank, was registered under the name Leviathan Ltd but will change its name to St George Bank New Zealand Ltd and trade under the name "Superbank", the RB said.

Today's move brings the tally of registered banks in New Zealand to 18.

Superbank plans to begin providing services to the public in March. It will offer Internet and phone banking as well as in-store services at Foodstuffs' New World, Pak'N Save, Write Price and Four Square supermarkets.

Foodstuffs, which claims a 55 percent share of New Zealand supermarket sales, has 478 retail outlets nationwide, potentially providing Superbank with a more extensive branch network than Kiwibank or any of the traditional high street banks.

About 3.2 million customers visit Foodstuffs stores each week. St George Bank is Australia's fifth biggest with 2.6 million customers.

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