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BNZ set to crash KiwiSaver party, registers scheme with FMA
BNZ finally appears set to crash the KiwiSaver party some five and a half years after it began.
The bank, the only major bank without its own KiwiSaver scheme, has registered a KiwiSaver scheme with the Financial Markets Authority.
The registration lists the name of the manager as BNZ Investment Services Ltd and the trustee as New Zealand Guardian Trust Co.
Up until now BNZ has run no KiwiSaver scheme of its own, rather offering the AXA KiwiSaver scheme to its retail customers and AMP's to employers.
A BNZ spokeswoman told interest.co.nz that under the Securities Act the bank can't comment on plans for its KiwiSaver scheme until a prospectus has been registered.
"We anticipate that will be in the next few weeks. We can however advise that BNZ Investment Services Limited is considering making an offer of securities to the public, however no money is currently being sought and no applications for securities will be accepted or money received unless and until the subscriber has received an investment statement," the spokeswoman said.
Launched in July 2007, more than two million New Zealanders now have KiwiSaver accounts although monthly sign ups are slowing.
Asked about the possibility of BNZ launching its own KiwiSaver scheme, Tracey Berry, BNZ's then head of wealth and private bank, told interest.co.nz a year ago to watch this space. And CEO Andrew Thorburn said last May: "KiwiSaver, superannuation, will be an important vehicle for us. We will have a quality, sustainable solution in that space and it's an area that we will want to grow over time."