Kiwibank named New Zealand Bank of the Year
Kiwibank has been named New Zealand Bank of the Year by the prestigious international “The Banker” magazine.
This is the first time Kiwibank has been invited to enter for the title. It was previously held by Australian-owned ASB.
Each year The Banker assesses the performance of hundreds of banks around the world, awarding Bank of The Year in 144 countries from more than 500 entries. In some years it makes no awards in some countries if it believes no single bank has reached its performance threshold.
This is what The Banker awards panel said about Kiwibank:
“Established in 2002 by the state-owned New Zealand Post Board, Kiwibank is the epitome of a young, energetic upstart with expansive ambitions underpinned by strong, creative branding and product ideas. In May 2008, Kiwibank launched two innovative deposit products, while in March and April 2009 the bank launched a wealth advisory team, the Kiwibank Visa debit card and unveiled a joint venture with AMP Capital Investors to offer a range of managed funds.
Kiwibank’s strong focus on the end customer, competitive pricing and excellent customer service, impressed the judges. Energy and innovation is matched, however, by strong growth and financials, with Kiwibank posting a meaty 52% increase in assets and a 19% growth in net profits during 2008.
“From the beginning of the financial year to June 2009, the bank also experienced growth in retail deposits of 39%. In order to build on its success so far and free up funds for future investment, Kiwibank raised $60m through an oversubscribed unsecured subordinated bond issue in September 2008, the proceeds of which are being used to augment the bank’s capital base and support further expansion."
Commenting on the award, Acting Chief Executive Paul Brock said: “Winning the Bank of The Year Award for New Zealand is a global endorsement by the industry of everything the bank had set out to achieve when it was launched nearly eight years ago.
“We believed there was room for a New Zealand-owned bank offering better service and more competitive rates and fees. We wanted to make a difference. We have had massive support from New Zealanders and now have a customer base of more than 650,000.
“To be recognised by The Banker magazine gives us renewed confidence to meet the challenge of continued growth of market share and profitability.”
Mr Brock said it was also significant that Kiwibank has been named best bank at a very challenging time in the banking industry. Kiwibank has also been awarded best value bank by the Sunday Star Times and Canstar for the last four years.