Have your say: Kiwibank awarded best NZ bank by The Banker. Is it the best?

The Banker magazine has named Kiwibank the best New Zealand bank in its annual awards for banks globally. Here's what they wrote in their awards edition. Rabobank was awarded the best Dutch bank and Westpac was awarded the best Australian bank. Here's what The Banker wrote about Kiwibank.

Established in 2002 by the state-owned New Zealand Post Board, Kiwibank is the epitome of a young, energetic upstart with expansive ambitions underpinned by strong, creative branding and product ideas. In May 2008, Kiwibank launched two innovative deposit products, while in March and April 2009 the bank launched a wealth advisory team, the Kiwibank Visa debit card and unveiled a joint venture with AMP Capital Investors to offer a range of managed funds. Kiwibank's strong focus on the end customer, competitive pricing and excellent customer service, impressed the judges. Energy and innovation is matched, however, by strong growth and financials, with Kiwibank posting a meaty 52% increase in assets and a 19% growth in net profits during 2008. From the beginning of the financial year to June 2009, the bank also experienced growth in retail deposits of 39%. In order to build on its success so far and free up funds for future investment, Kiwibank raised $60m through an oversubscribed unsecured subordinated bond issue in September 2008, the proceeds of which are being used to augment the bank's capital base and support further expansion. Underlining its success to date, Kiwibank was awarded so-called 'big bank' status by the Reserve Bank of New Zealand in May this year, following the expansion of the bank's balance sheet to $10bn. "We believed there was room for a New Zealand-owned bank offering better service and more competitive rates and fees. We wanted to make a difference. We have had massive support from New Zealanders and now have a customer base of more than 650,000 people," says Sam Knowles, CEO of Kiwibank. "To be recognised by The Banker magazine is an endorsement of our endeavours by the industry. It gives us renewed confidence to meet the challenge of continued growth of market share and profitability."