Superbank leaving NZ

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

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 0.7307 -0.0046 -0.63%
AUD 0.9344 0.0039 0.42%
EUR 0.6637 0.0017 0.26%
GBP 0.4721 0.0027 0.58%
HKD 5.6646 -0.0370 -0.65%
JPY 88.8220 -0.1840 -0.21%

Commods

Commodity Price Change Time
Gold Index 1206.0 -3.510 2015-05-21T00:
Oil Brent 67.1 -0.140 2015-05-21T00:
Oil Nymex 60.7 1.730 2015-05-21T00:
Silver Index 17.1 0.019 2015-05-21T00:

Indices

Symbol Open High Last %
NZX 50 5769.3 5785.2 5769.3 0.12%
NASDAQ 5085.4 5103.8 5090.8 -0.03%
DAX 11881.5 11881.8 11864.6 -0.42%
DJI 18286.9 18286.9 18285.7 -0.29%
FTSE 7013.5 7061.7 7013.5 0.26%
HKSE 27723.7 28041.3 27523.7 1.70%
NI225 20208.8 20278.3 20202.9 0.30%