Co-operative bank gives back to customers

Last updated 17:03 26/06/2014

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The Co-operative bank in Hamilton will hand out part of its profit back to customers as part of its annual rebate.

The company earned $46,924 in surplus profit this year, and is the only bank in the country to hand that surplus back to customers. 

In Hamilton, 3831 customers will receive a rebate.

All up, the bank would hand $1.3 million in rebate payments back to punters. Chief executive Bruce McLachlan said that was up on the $1m handed back last year. 

"As a co-operative, our customers are our owners and shareholders. This is why we pay a rebate," he said.

"We have some amazingly loyal and long-standing customers and the rebates are a great way for us to show them that we continue to appreciate their support in banking with us. "

Most customers will recieved rebates of between $7 and $100. MacLachlan said it wasn't a huge amount, "but we know that our customers would rather see a small slice in their own pocket than see profits sent to anonymous shareholders overseas".

The bank will reinvest the rest of the profit.

This is the Co-operative Bank's second year in operation, and it was awarded the CANSTAR Blue award for Most Satisfied Customers.

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- Waikato Times

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