The Co-operative Bank (New Zealand)
| The Co-operative Bank | |
|---|---|
 | |
 Botany town centre branch - Auckland in 2014 | |
| Formerly | Public Service Investment Society (PSIS) |
| Type | Cooperative |
| Industry | Banking |
| Founded | 1928 |
| Headquarters | , |
Number of locations | 26 |
Area served | New Zealand |
| Key people | Mark Wilkshire (CEO), Sarah Haydon (Chair) |
| Services | Investments, Loans, Insurance, Bank Accounts |
| Total assets | NZ$3.3305 billion (2022) |
| Owner | Customers (161,000 in 2017) |
Number of employees | 360 |
| Rating | BBB (Fitch, June 2023)[1] |
| Website | www |
The Co-operative Bank is a New Zealand based and registered bank. It provides everyday banking, deposits, savings, loans, insurance and small-business banking throughout the country.
Originally set up in 1928 as the Public Service Investment Society and subsequently renamed PSIS, the Co-operative Bank became a registered bank in October 2011.[2] As of 2017[update] the bank has around 161,000 customers throughout New Zealand. As a co-operative the Bank is owned by its customers and its main purpose is to benefit the customers.
History
[edit]The Co-operative Bank was founded in 1928 as the Public Service Investment Society (PSIS), lending money to public servants when others were reluctant to do so[3] On 28 June 1979, the PSIS was placed into statutory management, which ended in October 1987.[4]
In 1993, the bank was registered under the Companies Act 1993.[citation needed] In 1996, the PSIS was registered under the Co-operative Companies Act 1996.[citation needed] On 27 November 2002, the bank's chief executive John Price resigned.[5] On 14 March 2003, Girol Karacaoglu was appointed as the PSIS's chief executive.[6] By May 2006, the bank's total assets had surpassed NZ$1 billion.[7]
In June 2011, the PSIS announces that its divided would be paid.[8] In October 2011, the PSIS changed its name to The Co-operative Bank and was registered as a bank by the Reserve Bank of New Zealand. [2] In January 2012, chief executive Karacaoglu and chairman Sir David Gascoigne retired.[citation needed] They were succeeded by chairman Steve Fyfe and Bruce Mclachlan later in the year.[citation needed]
By 2013, The Co-Operative Bank had paid back over $12 million to its members.[citation needed] In November 2014, the Co-Operative Bank opened a branch in Queen Street, Auckland, with Frans Kruger becoming its first branch Manager.[citation needed] In 2017, the chief executive Bruce McLachlan resigned. Chief financial officer Gareth Fleming served as acting chief executive until David Cunningham was appointed as CEO in May 2017.[citation needed] By July 2019, the bank had repaid $2.1 million of surplus profit back to its customers.[citation needed]
In early April 2026, The Co-Operative Bank was fined NZ$2.48 million by the High Court for charging 48,249 customers about NZ$7.2 million in "unreasonable fees" across a range of products.[9]
Organisational memberships
[edit]- Cooperative Business New Zealand (Inc)
- New Zealand Financial Services Federation (Inc)
- New Zealand Savings Institutions Association
References
[edit]- ↑ "The Co-operative Bank Limited". Reserve Bank of New Zealand Bank Financial Strength Dashboard.
- 1 2 "New Zealand's newest registered bank unveiled". The New Zealand Herald. 26 October 2011. Retrieved 26 October 2011.
- ↑ Boyce, Gordon (2005). Over Half a Million Careful Owners: A 75-Year History of PSIS. Wellington, New Zealand: Dunmore Publishing.
- ↑ "Lessons of the past". The Sunday Star-Times. 27 December 2008. Retrieved 19 November 2011.
- ↑ "PSIS chief resigns". The New Zealand Herald. 27 November 2002. Retrieved 19 November 2011.
- ↑ "PSIS names chief executive". The New Zealand Herald. 14 March 2003. Retrieved 19 November 2011.
- ↑ Bennett, Adam (21 June 2006). "PSIS sees assets break through $1b barrier". The New Zealand Herald. Retrieved 19 November 2011.
- ↑ Weir, James (23 June 2011). "PSIS plans modest 'cherry on top' dividend for members". Stuff.co.nz. Retrieved 19 November 2011.
- ↑ "Co-operative Bank fined $2.48m for 'unreasonable' customer fees". 1News. 2 April 2026. Archived from the original on 3 April 2026. Retrieved 4 April 2026.
