AMP says it will apply to the Reserve Bank for a banking licence later this year and it hopes to be offering a full range of banking services to New Zealanders by early 1999.
The New Zealand business will be a branch of its Australian operation that is due to be launched at the end of June.
The soon-to-be-listed financial services company is looking to roll out its bankless-bank in New Zealand on the back of its present AMP/Ergo Mortgage and Savings arm.
Its bank will have no branches, complete access to other bank's electronic payments network, and it will rely primarily on its financial advisers to sell products.
AMP has, in Australia, reached an agreement with National Australia Bank (Bank of New Zealand's parent company) to access its ATM and EFTPOS networks. It is also planning an alliance with another, as yet unnamed, bank.
It will initially target existing customers and policyholders, including those who sell their shares after listing.
"We want to capitalise on the success of AMP/Ergo, and we want to strengthen the relationships we have with existing AMP and Ergo customers by offering a full range of banking services," AMP/Ergo managing director Graham Meyer says.
The existing mortgage and retail deposit products of AMP/Ergo will be extended into selected retail banking products and services, including deposit taking, cheque books, credit cards, debit cards and automatic teller machines," he says.
AMP Bank managing director Stephen Balme described the operation as a high-service banking business, rather than a bank.
While price and product would be an early point of differentiation between AMP and the existing banks, AMP were looking to make its mark in customer service and an "overt" or open fee policy.
AMP says it will apply to the Reserve Bank for a banking licence later this year and it hopes to be offering a full range of banking services to New Zealanders by early 1999.