Superbank leaving NZ

Australian-owned Superbank says it is to close its banking operations in New Zealand. However, it has made arrangements for customers to transfer to another bank.

Superbank launched in 2003 as a joint venture between Australia's St George's Bank and supermarket operator Foodstuffs. It was set up as a phone and internet bank which marketed itself in Foodstuffs supermarkets - New World, Pak'N Save and Four Square.

However, Superbank says market conditions have changed over this time and margins in mainstream residential lending in New Zealand have become too competitive. It has sold its mortgage book containing more than 2,000 loans valued around $500 million to GE Money.

An agreement has also been struck with Kiwibank to take on the bank's 25,000 depositors. Customers who don't take up this offer will continue to accrue interest until September 25, when money left in the account will be repaid in full.

(C)NewsRoom.co.nz

This article is tagged with the following keywords. Find out more about My Tags

Comment & Question

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7882 0.0022 0.28%
AUD 0.9091 -0.0025 -0.27%
EUR 0.6364 0.0098 1.56%
GBP 0.5036 0.0026 0.52%
HKD 6.1141 0.0177 0.29%
JPY 92.7920 -0.1500 -0.16%

Commods

Commodity Price Change Time
Gold Index 1193.4 10.750 2014-11-20T00:
Oil Brent 78.7 -0.130 2014-11-20T00:
Oil Nymex 75.8 1.270 2014-11-20T00:
Silver Index 16.1 -0.150 2014-11-20T00:

Indices

Symbol Open High Last %
NZX 50 5526.9 5526.9 5522.1 -0.56%
NASDAQ 4751.0 4751.6 4701.9 0.45%
DAX 9521.2 9736.1 9484.0 2.62%
DJI 17721.0 17894.8 17719.0 0.51%
FTSE 6678.9 6773.1 6678.9 1.08%
HKSE 23353.7 23508.0 23349.6 0.37%
NI225 17285.7 17381.6 17300.9 0.33%