Selling KiwiBank no good for customers or banking sector

Finsec commented on the National Party’s plan to sell KiwiBank revealed by Bill English saying it would be bad news for customers and the country’s banking sector.

“KiwiBank is setting a good example by keeping jobs local, focusing on customers’ needs and service not sales targets and goes some way to offset the negative balance of payments problem created by the big Australian banks sending their profits offshore,” said Campaigns Director Andrew Campbell.

“Community concern has grown about the way Australian banks behave in New Zealand. ANZ National is moving hundreds of good local jobs offshore to India in the face of widespread public opposition and more bank profit is being returned to offshore shareholders. This has a negative impact on our balance of payments – a situation made worse if KiwiBank was sold to foreign investors,” said Campbell.


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