Opinion
KEY POINTS:
State-owned Kiwibank's advertisements putting down Australian-owned banks are "reprehensible" and "outrageous", says former Bank of New Zealand chairman Kerry McDonald.
Kiwibank also had an unfair advantage through an effective government subsidy and was the most "unsatisfactory part of the banking equation", Mr McDonald told The Dominion Post newspaper.
Kiwibank chief executive Sam Knowles said calling the Kiwibank television campaign reprehensible and outrageous seemed to be "more than a little excessive".
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