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Kiwibank Limited is a wholly-owned subsidiary of the state-owned enterprise New Zealand Post Limited. Through Kiwibank, New Zealand Post provides banking services through its PostShops (post offices) and joint venture Books & More outlets around New Zealand.
Kiwibank started by claiming to offer low cost banking to those apparently not served well by the existing, mostly Australian, banks. Kiwibank advertised itself as New Zealand owned, with a larger branch network than any other bank, offering low cost banking, and only banking to individuals.
Only banking to individuals was a significant field of controversy in the Bank's early days, as it excluded small and medium sized enterprises (SMEs). These small businesses, known as "Mittelstand" in Germany, form the backbone of the economies of most developed countries.
The bank was initiated as part of Alliance Party policy in the 1999-2002 Labour-Alliance coalition government.
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