Baptist Church has its own bank

An ATM has just been installed in the Windsor Park Baptist church in Auckland, New Zealand.

The logo on the machine is “Baptist Savings“, a small but significant sign that a financial force is rising that could suck more business out of the big four banks.

Baptist Savings has seen its deposits grow in the last 12 months from $60 million to $85m, and it is shooting for $150m in the next three years.

As well as the lending to churches, the mortgage business, and the beginnings of an ATM network, Baptist Savings has also launched an insurance-broking division and offers funeral insurance as part of its growing portfolio of financial services.

The money it raises is lent out to build and develop Baptist churches, something the Christchurch earthquakes has increased demand for, but since the appointment of  a business development manager it has been setting its sights wider.


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News category: New Zealand.

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