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Rabobank, the Dutch co-operative, has chosen New Zealand as the latest market in which to launch a direct banking service. Called RaboPlus, the new venture is being marketed as a complementary savings and investment product to be used in conjunction with an existing bank account
With successful direct banking operations in the Netherlands, Belgium and Ireland, Rabobank has now travelled right across the world and launched its fourth internet-based retail financial service in New Zealand. The bank - which, with 2 million regular users, claims to have Europe's largest number of online customers - launched RaboBank.be in Belgium in 2002 and RaboDirect.ie in Ireland in May last year, and has stated that international expansion of its direct business is one of its key growth strategies going forward.
The New Zealand operation has been called RaboPlus, and has begun operations by offering the country's consumers a no-notice, competitive high interest savings account called Online Call paying 7.35 percent. It also offers term deposits and a range of investments.
RaboPlus is offering access to ten Morningstar-rated funds...