RaboPlus tops $1 billion in deposits

Tuesday March 20, 2007

RaboPlus tops $1 billion in deposits with relationship still going strong

RaboPlus has achieved $1billion in deposits in just over a year of operation, proving New Zealanders’ relationship with their significant other bank is still going strong.

Four weeks after its first year anniversary, RaboPlus, the specialist online savings and investments service from Rabobank, has attracted more than $1 billion in deposits from 23,000 New Zealanders.

“The aggressive targets we set ourselves when we launched last year have been exceeded in terms of deposits and customer numbers,” RaboPlus General Manager Mike Heath said.

“Hitting the $1 billion level and attracting 23,000 largely brand new customers are two very good reasons for us to celebrate at RaboPlus as our phenomenal success with New Zealanders continues,” he said.

“It’s also a cause for celebration for New Zealand farmers as Rabobank will reinvest these deposits into the rural sector.”

Mr Heath says the success shows RaboPlus’ services (which include on-call savings accounts, term deposits, and managed funds for individuals, businesses and trusts) have hit the mark with New Zealanders who have embraced their “significant other bank”.

Designed to complement consumers' existing banking arrangements, RaboPlus offers New Zealanders a high interest, no fees, on-call savings account as well as term deposits and access to managed funds – all available online twenty-four hours a day, seven days a week.

Rabobank is the only bank in New Zealand to have an AAA credit rating from both Standard & Poor’s and Moody’s. RaboPlus also leads the market with its online security, providing all customers with a free Digipass that enables digital signatures to be assigned to each and every transaction. This offers protection against fraudulent activities such as man-in-the-middle attacks.

RaboPlus’ arrival in New Zealand marked a significant expansion for Rabobank, the world’s leading food and agribusiness bank, into the broader New Zealand financial services market. The bank, which has operated in New Zealand since 1994, is a major lender to the country’s rural sector.

www.RaboPlus.co.nz

ENDS

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