Hon Jim Anderton
Minister for Economic, Industry and Regional Development

24 February 2003 Media statement

Government’s banking policy right one says Anderton

Progressive leader and Economic Development Minister Jim Anderton is not surprised that the ANZ has admitted bank closures were wrong.

“This was the complaint I heard up and down New Zealand throughout the 80s and 90s. I could have told ANZ and the other banks this 20 years ago.

“Some overseas owned banks have moved much of their operational decision making to their overseas headquarters and have lost touch with New Zealand customers.

“One of the reasons that I so strongly advocated for a Kiwibank was to counter the loss of branches and address the issues of high bank fees, and profits heading offshore.

“Kiwibank now has nearly 300 branches throughout New Zealand, and in four towns and in 30 suburbs where there were no banking facilities whatever, recognising that for many New Zealanders, face to face banking is an important part of a personal banking service,” says Jim Anderton.

ENDS

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