KB Kookmin Bank, one of South Korea's largest banks, pulls out of New Zealand market

KB Kookmin Bank, one of South Korea's largest banks, pulls out of New Zealand market
KB Kookmin Bank's NZ branch has been in Auckland since 1997. (Image:NZME)
Rebecca Howard
After nearly three decades, South Korea's KB Kookmin Bank has decided to exit the New Zealand banking market. “After a strategic review of the New Zealand financial industry as a whole over the past few years, we have decided to gradually wind down our branch in Auckland and exit the New Zealand banking market over the next few years,” it said in a statement. “Our continued business operations in New Zealand were uncertain in the future. This decision includes both our retail and wholesale banking services.&rdquo...

More Economy

Net migration falls to a decade-low
Economy

Net migration falls to a decade-low

New Zealand had a net migration gain of 44,900 for the year to September, falling below 50,000 for the first time since April 2019.It is also the lowest level of annual net migration since the 44,500 for the October 2014 year, if you exclude the period when the borders were close...

Govt to consider not taxing NZ Super Fund
Economy

Govt to consider not taxing NZ Super Fund

Foreign investment fund and thin cap rules are also to be reviewed.

BNZ warns of Trump govt headwinds for NZ
Economy

BNZ warns of Trump govt headwinds for NZ

Some sort of protectionism is a given, BNZ says. 

Rebecca Howard 12 Nov 2024
Two-year inflation expectations inch higher
Economy

Two-year inflation expectations inch higher

Respondents still tip a 50bps rate cut this month. 

Rebecca Howard 11 Nov 2024