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Last Article Uploaded: Thursday, February 20th, 5:53PM
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Winston Peters calls for Kiwibank overhaul

New Zealand first leader Winston Peters believes "seriously bolstering" Kiwibank can improve competitiveness, conduct and culture in the banking sector.

Monday, October 21st 2019, 6:39AM 2 Comments

The deputy prime minister, speaking at this weekend's NZ First Conference, revealed he wants to change the ownership structure of the state-owned lender to help it challenge the Australian-owned major banks.

Peters launched an attack on overseas-headquartered banks, blaming the dominant big four for poor conduct standards.

"Foreign-owned banks have been allowed to gouge the New Zealand market," Peters said. "We think that only by seriously bolstering Kiwibank will that bank be able to increase its competitiveness and help moderate cost and conduct in the wider banking sector."

Peters said his party's return in 2020, with "an increased share of the vote", would focus on "the transformation of our economy".

The deputy PM slammed Kiwibank's leadership and called for the bank to improve standards industry-wide.

"The current ownership structure of Kiwibank is not optimal and its leadership has been lacklustre. New Zealand First wants to see it transform into a leading light in a sector blighted by corporate greed," Peters added.

 

Tags: Kiwibank

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Comments from our readers

On 23 October 2019 at 9:21 am KiwiInvestor said:
Right then Winston, instead of just spouting pipe dreams and bluster, please detail HOW you intend to make Kiwibank great? Come on, for once, provide actual actions YOU will take to make Kiwibank more competitive?
On 23 October 2019 at 10:59 am sharonmain said:
How about starting by moving all government bank accounts to Kiwibank - I understand that they are all currently with Westpac...

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ANZ 5.19 3.95 4.15 4.49
ANZ Special - 3.45 3.65 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - 3.49 3.55 3.89
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
Lender Flt 1yr 2yr 3yr
China Construction Bank Special - 3.19 3.19 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.65 4.80 -
HSBC Premier 5.24 3.54 ▼3.20 3.69
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 3.97 4.05 4.39
Kiwibank 5.15 4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.45 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Lender Flt 1yr 2yr 3yr
Pepper Money Near Prime 5.64 - 5.44 5.44
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.45 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 3.55 3.89
Sovereign 5.30 3.89 4.05 4.39
Sovereign Special - 3.39 3.55 3.89
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
Lender Flt 1yr 2yr 3yr
TSB Bank 6.09 4.19 4.35 4.69
TSB Special 5.29 3.39 3.55 3.89
Wairarapa Building Society 5.50 3.95 4.05 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.55 3.99
Median 5.34 3.96 4.09 4.39

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