HSBC has launched an initiative to encourage existing premier clients in New Zealand to recommend their friends to the bank.

The campaign is in response to increasing uncertainty some New Zealanders are feeling over the direction their present bank is taking, the company said in a press release.

"Recently we've had a number of exploratory phone calls for individuals who are unhapy with the uncertainty over their current bank's decisions in the marketplace. As a number of our customers already recommend family, friends and colleagues to us, we decided that we wanted to make the process official and thank them," said John Barclay, the head of retail banking and wealth management for HSBC New Zealand.

Under the campaign, referrals that lead to a friend or a family member becoming a new HSBC Premier customer immediately translate to a NZ$300 gift card per referral. To qualify for the service, clients must have at least NZ$500,000 ($413,000) in minimum combined home loans or NZ$100,000 in savings and investments.