Bank likes the look of Gisborne's future

READY FOR BUSINESS: Co-operative Bank general manager David Cunningham (left) and Gisborne branch manager Tony Tombleson after the opening of the bank’s new premises on the corner of Gladstone Road and Peel Street. Picture by Paul Rickard

THE Co-operative Bank's move from the outer CBD into new premises in the centre of the city is a sign of confidence in the bank and in Gisborne, says the bank’s general manager David Cunningham.

Mayor Meng Foon and Mr Cunningham have officially opened the new premises on the Gladstone Road-Peel Street intersection.

Mr Cunningham said Gisborne had a solid economic base due to agriculture and tourism. The district could look forward to a bright future.

He predicted the trend of Aucklanders moving south to more affordable cheaper homes would, in about 12 months, include Gisborne.

“Ultimately the effect of Auckland house prices will rip throughout New Zealand,” he said.

Warmer locations like Gisborne would be popular. Mr Cunningham said he had joined the bank three years ago and met Gisborne staff who told him they wanted to move to a more central location. They had got their wish.

The Co-operative Bank had about 1 percent of the New Zealand banking industry but was growing strongly. Over the next decade or two the Co-operative Bank aimed to be as large as Kiwibank.

Mr Cunningham said people in provincial centres liked the “mutual benefit” philoposhy of the Co-operative Bank where profits were shared by its owners — its customers.

Such customers enjoyed dealing with people face-to-face particularly when it came to personal matters such as loans, mortgages and KiwiSaver.

But the bank had also won international awards for its banking apps for both i-phones and Android, he said.

The bank, originally the PSIS from 1928 to 2011, paid out $1.8 million in rebates to customers last year including $49,000 to customers in Gisborne.

The Co-operative Bank has 150,000 customers and 34 branches in the country and has paid out $4.1m in rebates to customers since 2013.

Gisborne manager Tony Tombleson said the new premises were a way of improving the banking experience for their customers. The Co-operative Bank was not like other banks, he said.

“Our customers are part of who we are. We believe branches are the heart and soul of co-operative banking.”