Westpac NZ retains Government banking services

5 October 2015

Westpac NZ retains Government banking services

Westpac has been confirmed as the Government’s main bank for the next eight years, retaining the Crown Transactional Banking Services contract on an exclusive basis in addition to elements of Foreign Exchange Services, Payment Services and Card Services.

After a competitive tender process where the delivery of services was separated into four categories, Westpac not only retains the core banking business but is the only bank delivering services across all four categories. The new contract extends Westpac’s relationship with the Government to more than 30 years.

The successful bid was based on proposals to develop new innovations for government agencies and a value package built on the deep understanding Westpac has developed about the Government’s needs over time.

Chief Executive, David McLean, said Westpac has a strong track record of delivering excellent service and value that will continue over the next eight years.

“In our response [to the tender] we put forward a new business model focused on innovation that will create value for Government agencies. That unique proposition will bring benefits to Government, the New Zealanders who use its services as well as our other customers as we roll out new solutions across the market,” Mr McLean said.

“The Government has spelled out its digital aspirations and as a leader in both the payments and digital space we believe we can help the Government meet these goals.”

“Our win reinforces our leadership position in corporate and institutional banking in New Zealand and we look forward to continuing our partnership with Government across all its banking needs.”

ENDS

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