Tracey Berry, BNZ's head of private banking & wealth, to leave in October with launch of KiwiSaver scheme thought to be near

Tracey Berry, BNZ's head of private banking & wealth, to leave in October with launch of KiwiSaver scheme thought to be near

Tracey Berry, BNZ's head of private banking & wealth, will leave the bank in early October.

A spokeswoman for BNZ confirmed Berry's departure and said BNZ would be recruiting a replacement for what is a "key role" within its BNZ Partners unit.

Berry joined BNZ in early 2011. Prior to BNZ she was general manager of wealth at Kiwibank where she led the establishment of the state owned bank's wealth division. And before that Berry was head of wealth operations at Westpac when that bank launched its KiwiSaver scheme.

Asked by interest.co.nz in January whether BNZ, the only one of the big five banks without its own KiwiSaver scheme, would launch one Berry pointed out her previous roles at Westpac and Kiwibank, noted she had hired Sharon McKay, who helped launch ASB's KiwiSaver scheme, and said: "You can draw your own conclusion from that." See full story here.

Subsequent to that BNZ CEO Andrew Thorburn told interest.co.nz in May that BNZ would have a "quality, sustainable solution" in the KiwiSaver and superannuation market.

BNZ is expected to launch a KiwiSaver scheme by year's end. At the moment it offers the AXA KiwiSaver scheme to its retail customers and AMP's to employers.

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BNZ really missed the boat on Kiwisaver. They put all their eggs in one basket when NAB was trying to buy AXA but when this failed they were left with nothing. Now most people are already enrolled in a Kiwisaver scheme, it will be hard for BNZ to gain critical mass in this market to make it work.