Just under a year since I reported its imminence the Bank of New Zealand (BNZ) has finally registered its KiwiSaver scheme for business (registration no. 10075).
While a legislative block to its proposed mortgage-offset innovation delayed the BNZ KiwiSaver launch, banks bureaucracies tend to be slow-moving beasts anyway.
The long wait will probably not harm BNZ's chances of getting its KiwiSaver scheme up to scale in next to no time: BNZ customers should expect to see a new brochure in the rack soon and, perhaps, hear a discreet word from their personal bankers at the first available opportunity.
Even so, with membership growth inevitably stalling (as Tower's latest analysis of IRD KiwiSaver figures shows), BNZ will most likely be converting existing members of other schemes rather than signing up new believers.
Of course, the bank could receive an immediate $800 million plus boost to its KiwiSaver coffers if it does pick up the in-play Tower investments business - an outcome that is far from clear at the moment.