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

Got a question about this story? Leave it in Comments & Questions below.

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

Comments & Questions

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 0.6928 -0.0106 -1.51%
AUD 0.9237 0.0058 0.63%
EUR 0.6024 -0.0077 -1.26%
GBP 0.4761 -0.0036 -0.75%
HKD 5.3774 -0.0807 -1.48%
JPY 73.8690 -0.9970 -1.33%

Commods

Commodity Price Change Time
Gold Index 1291.8 0.460 2016-05-03T00:
Oil Brent 45.4 -0.870 2016-05-03T00:
Oil Nymex 43.6 -1.840 2016-05-03T00:
Silver Index 17.5 -0.180 2016-05-03T00:

Indices

Symbol Open High Last %
NZX 50 6843.0 6843.6 6843.0 -0.13%
NASDAQ 4780.9 4791.4 4817.6 -1.13%
DAX 10052.5 10062.0 10123.3 -1.94%
DJI 17870.8 17870.8 17891.2 -0.78%
FTSE 6241.9 6270.0 6241.9 -0.90%
HKSE 21061.8 21061.8 21067.0 -1.85%
NI225 16357.1 16357.1 16666.0 -3.11%