Kookmin Bank plans to close its New Zealand operations by year's end.
In 2024 the bank, which has been registered in NZ as a branch of its South Korean parent since 1997, said it was quitting NZ after a strategic review.
Now, in its latest general disclosure statement, Kookmin says it should be done and dusted by the end of the year.
"On 15 October 2024, Kookmin Bank publicly announced the voluntary wind-down of its Auckland Branch operations and is currently undergoing winding-down operations. At this stage, management has commenced the orderly settlement and closure of customer deposit accounts as part of the planned wind-down of the branch operation. Based on current progress, management targets the full cessation of all operations by the end of 2026," Kookmin says.
The wind-down is well underway. As of December 31 last year, Kookmin's loans stood at just $31. Its deposits were at $24.4 million.
In 2023 the Reserve Bank confirmed it would restrict banks operating in NZ as branches of overseas banks to wholesale business. Kookmin had argued for branches to be able to continue taking retail deposits, with the status of each bank to be considered on a case by case basis.
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