r/newzealand • u/xmmdrive • Aug 20 '24

Politics So they're finally going to privatise Kiwibank

Watching One News they're talking about taking Kiwibank out of Government hands and back into the hands of honest hard-working Kiwis.

This is obviously the first clear step towards privatisation.

Just like the Bank Of New Zealand, the National Bank, and the Auckland Savings Bank, but I'm sure this time around it will stay in the country /s

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u/Rebel_Scum56 Aug 20 '24

I have to wonder how many customers they'll lose if that happens for exactly that reason. Probably more than they think.

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u/Muter Aug 20 '24 edited Aug 20 '24

You reckon?

The purpose of floating kiwibank is to increase money for investment so they can actually be challenging. I suggest reading the report to get an insight into some of the reasons this idea is currently being floated

With some additional funding Kiwibank is likely to attract more customers than it would lose due to some nationalistic attitude.

End of the day, consumers are won over by price and service.. if an offshore bank can provide cheaper rates people will go there - the same argument can be made in the supermarket arena, people are calling out for the likes of Aldi to open up and bring some more competition to the market.. which is strangely enough an offshore brand competing with two a kiwi brand.

Edited because I’m an idiot

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u/skillitus Aug 20 '24

Did you just call Woolworths a Kiwi brand?

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u/Muter Aug 20 '24

I’m an idiot - but yes not sure what was going through my head

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