Former type State owned enterprise Defunct 1989 (1989) Products Banking | Fate Acquired by ANZ Headquarters New Zealand | |
Founded 24 February 1987 - Foundations set in 1867 | ||
PostBank was the trading name of the Post Office Bank Limited, a bank owned by the New Zealand Government. PostBank was formed when the New Zealand Post Office (a former Government Department) was split up by the Postal Services Act 1987 into Post Office Bank Ltd (trading as PostBank), New Zealand Post Ltd (a Postal Services company) and Telecom Corporation of New Zealand Ltd (a telecommunications company). It purchased the assets of the former Post Office Savings Bank.
PostBank was sold two years after it was formed to ANZ, with the PostBank brand being absorbed and finally removed by the late 1990s.
PostBank shared many operating characteristics with the current Kiwibank, a bank operating within, as a wholly owned subsidiary of the state-owned enterprise, New Zealand Post Limited.
The origins of PostBank are in the Post Office Savings Bank, which was established in 1867 to give New Zealand investors a place to deposit their savings.