Insider promoted to chief executive of Kiwibank

Kiwibank's new chief executive, Paul Brock, had the inside track in the race for the keenly contested job, having been with the bank since its inception, said Jim Bolger, chairman of parent New Zealand Post.

Mr Brock has replaced Sam Knowles, who set up and has been at the helm of the state-owned bank since 2002.

Mr Brock has held several senior positions with the bank, including marketing general manager and lately head of savings and transactions.

Mr Bolger said Mr Brock had the advantage of being able to immediately drive the next phase of the bank's growth. "Given all the pressure on the banks at the moment, the need to move forward was hugely important."

Mr Brock has stood in as acting chief executive in the past and understood Kiwibank's culture, which differed from traditional trading banks, Mr Bolger said.

Top of the list of the board's expectations was for Mr Brock to review Kiwibank's cost structure.

Kiwibank would also review its branch network, including the possibility of setting up some standalone outlets, Mr Bolger said.

Now, all of Kiwibank's more than 300 branches are housed in PostShops.

Dedicated bank branches could work in some venues, such as large shopping malls, Mr Bolger said.

Kiwibank would look to win its share of $1.8 billion in deposits being repaid to parochial South Canterbury Finance investors over the next two months.

- © Fairfax NZ News