NZ Post looks for new roles

By Richard Braddell

WELLINGTON - New Zealand Post is exploring options to expand its role as an agency for more banks with the help of former Countrywide Bank executives.

NZ Post's chief executive, Elmer Toime, confirmed that investigations by external and internal teams had found that activities such as motor vehicle registration and functions now undertaken on behalf of financial institutions could be expanded into viable full-fledged agency work on behalf of banks closing provincial branches.

However, considerable investment in computer facilities would be required to bring them up to level for NZ Post to operate as a bank on its own account, and that was not being considered at this time. "If we can incrementally increase volumes, then we are going to be better off," Mr Toime said, before explaining that banking on its own account was not on NZ Post's horizon.

* NZ Post has won the contract to manage restructuring of the South African Post Office in conjunction with Britain's Royal Mail.