Kiwibank
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| State-owned enterprise | |
| Founded | May 2001 |
| Headquarters | Wellington, New Zealand |
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Key people
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| Products | Banking and financial services |
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Number of employees
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2375+ |
| Parent | New Zealand Post |
| Website | www |
Kiwibank Limited is a wholly owned subsidiary of the state-owned enterprise New Zealand Post Limited. Through Kiwibank, New Zealand Post provides banking services through its PostShops (post offices). Kiwibank is owned by the New Zealand government and the company's Board of Directors was chaired by former New Zealand Prime Minister Jim Bolger from 2001–2010. The current Chairman of the Board of Directors is Rob Morrison.
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.
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."
Kiwibank launched in 2002 with 211 branches open nationwide by 30 June.
By 2004, the number of Kiwibank branches had increased by 16 to 301.
In 2006, Kiwibank acquired a 51 per cent shareholding in New Zealand Home Loans.
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Wikipedia