New name and bank status for PSIS
PSIS chairman Sir David Gascoigne said the change was driven largely by two factors; clarifying its position in the market and a preference for the banking regulatory regime.
"We looked at the regulatory regime, we looked at our size and our asset base and the fact we've now got a credit rating that allows us to become a bank and we decided that we prefer the regime surrounding banks rather than being with other entities, finance companies and other mutuals," he said.
"We would rather be seen as a bank, our business is effectively banking and that's what we would like to be."
He said the name change also moved PSIS away from the long-held misconception it only did business with public servants or that it was a finance company.
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