Kiwibank to offer personal finance via GE Money

By tonyhughes Hughes, in , posted: 17-Sep-2009 15:41

Smart move by Kiwibank. I will be interested to see what sort of interest rates will be on offer, as presently average bank != average finance company as far as rates go.

Government-owned Kiwi bank is to offer personal loans through finance company GE Money.

GE Money, a subsidiary of giant US conglomerate General Electric, said today the Kiwibank branded loans would be offered through its Auckland sales centre. GE Money's New Zealand managing director Greg White said Kiwibank had a strong brand and an extensive distribution network.

"We are very excited about working with Kiwibank. This alliance will bring a new level of product and service availability to customers, and reaffirms our commitment to provide innovation in the New Zealand consumer finance market," said White.

GE Money is the country's largest non-bank finance company with about 300,000 customers. It has an AA+ credit rating.

Kiwibank's acting chief executive Paul Brock said teaming up with GE Money would offer the bank's customers a range of quick and convenient options for obtaining personal loans.

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Comment by langi27, on 20-Sep-2009 12:49

What a joke, this makes me very angry. As an existing Wizard home loan customer I now have to pay about 2% higher interest rates than the major banks, because GE money decided to close down Wizard, and all their franchises, leaving them out in the rain with nothing. Having to call Australia every time I need something is rude, the only thing I'm allowed to do now is pay back my loan. No redraw, no refinancing, no fixed rates, no nothing.

Now they are starting up again!!!!! How about keeping your existing customers happy before you go off and jump into bed with Kiwibank. I can't wait for the day I get to cut GE money off, they have been nothing but ignorant punks. I will never support GE Money ever again.

Comment by JasonDarwin, on 23-Sep-2009 06:00

does seem strange about GE

Comment by Bianca, on 18-Mar-2010 15:50

GE Money bank is your typical upstart wannabe bank who will engage in corruption in developing countries just to steal money from the less fortunate! They do not even have any programs for social development!?

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