PostBank
Post Office Savings Bank for 120 years or very briefly PostBank, was a bank owned by the New Zealand Government as the government's postal savings system. The origins of the bank were established in 1867; it became PostBank in 1987 and was disestablished and the branches were rebranded when it was acquired by Australia and New Zealand Banking Group in 1989.History
PostBank was formed when the New Zealand Post Office was split up by the Postal Services Act 1987 into Post Office Bank Ltd, New Zealand Post Ltd and Telecom Corporation of New Zealand Ltd. 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 later Kiwibank, a bank which initially operated as a wholly owned subsidiary of the state-owned enterprise, New Zealand Post Limited. Later, Kiwibank and New Zealand Post started a process of no longer co-locating with Kiwibank opening 13 stand-alone stores..
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.
