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SBS records strong investment growth

SBS has seen investment growth of over $75 million in the first month of trading as the country’s newest bank.

Wednesday, November 12th 2008, 6:00AM
SBS general manager finance Tim Loan says the positive response to SBS gaining bank registration also signals an increased level of confidence associated with a Kiwi-owned bank.

“In one month we’ve probably got funding growth that we could usually expect over a period of six months.”

Loan says there is no real pattern in new funding growth, “new deposits are being spread over a variety of our quality investment products, with fixed term savings, our Star Investment Special, i-save online savings and unsecured transactional accounts all faring strongly”.

SBS believes the response from existing and new customers to their new bank status is because they “can identify with us being the first building society in the world to gain bank registration and, in turn, the only bank in New Zealand to be wholly owned by its customers with no foreign-based shareholders drawing away profits.”

SBS is also among the first institutions admitted to the government’s deposit guarantee scheme.

« Who has got a guarantee?Wrightson Finance to raise up to $75m in bond sale »

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