PostBank

Post Office Bank Limited
State owned enterprise
Fate Acquired by ANZ
Founded 24 February 1987 - Foundations set in 1867
Defunct 1989 (1989)
Headquarters New Zealand
Products Banking

PostBank (trading name of Post Office Bank Limited), was a bank owned by the New Zealand Government as the government's postal savings system. The origins of the bank were established in 1867; it became PostBank in 1987 and was disestablished and the branches were rebranded when it was acquired by Australia and New Zealand Banking Group in 1989.

History

PostBank was formed when the New Zealand Post Office (a former Government Department) was split up by the Postal Services Act 1987 into Post Office Bank Ltd (trading as PostBank), New Zealand Post Ltd (a Postal Services company) and Telecom Corporation of New Zealand Ltd (a telecommunications company). It purchased the assets of the former Post Office Savings Bank.

PostBank was sold two years after it was formed to ANZ,[1] with the PostBank brand being absorbed and finally removed by the late 1990s.

PostBank shared many operating characteristics with the later Kiwibank, a bank operating as a wholly owned subsidiary of the state-owned enterprise, New Zealand Post Limited.

The origins of PostBank are in the Post Office Savings Bank, which was established in 1867 to give New Zealand investors a place to deposit their savings.[1][2]

References

  1. 1 2 "ANZ Corporate Information: History of ANZ". ANZ. Retrieved 22 June 2015.
  2. ↑ "THE POST OFFICE SAVINGS BANK". 1966 Encyclopaedia of New Zealand. Ministry for Culture and Heritage. 1966. Retrieved 22 June 2015.


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.