The Co-operative Bank (New Zealand)
This article is about the NZ bank. For other similarly named banks, see Co-operative Bank (disambiguation).
 | |
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Botany town centre branch - Auckland | |
| Cooperative | |
| Industry | Banking |
| Founded | 1928 |
| Headquarters | Wellington, New Zealand |
Number of locations | 34 |
Area served | New Zealand |
Key people |
Bruce McLachlan (CEO), Steven Fyfe (Chairman) |
| Services | Investments, Loans, Insurance, Bank Accounts |
| Owner | customers (135,000 in 2014) |
Number of employees | 300 |
| Website |
www |
The Co-operative Bank, a bank based in and registered in New Zealand, 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.[1] As of 2014 the bank has around 135,000 customers throughout New Zealand.
As a co-operative the Bank is owned by its customers and its main purpose is to create prosperity for these customers. In July 2014 the Co-operative Bank paid $1.3 million of surplus profit back to the majority of its customers. In most cases, customers received a rebate of between $7 and $100.
History
- 1928: founded as the Public Service Investment Society, lending money to public servants when others were reluctant to do so.[2]
- 1979 June 28: Placed in statutory management [3]
- 1987 Oct: statutory management ended [3]
- 1993: Registered under Companies Act 1993
- 1996: Registered under Co-operative Companies Act 1996
- 1998: The name was abbreviated to PSIS
- 2002: CEO John Price resigns [4]
- 2003: Dr Girol Karacaoglu appointed CEO [5]
- 2006 May: Total assets surpassed NZ$ 1 billion [6]
- 2011 June: PSIS announces dividend will be paid [7]
- 2011 October: Change of name to The Co-operative Bank and registration as a bank by the RBNZ.[1]
- 2012 January: Dr Girol Karacaoglu resigns.
- 2012 January: Sir David Gascoine (Chairman) retired.
- 2012 April: Steven Fyfe appointed Chairman.
- 2012 June: Bruce McLachlan appointed CEO.
- 2014 November: Bruce McLachlan (CEO) and Frans Kruger (Branch Manager - Queen Street Branch) open the branch in Queen Street, Auckland on 17 November 2014.
Organisational Memberships
- Cooperative Business New Zealand (Inc)
- New Zealand Financial Services Federation (Inc)
- New Zealand Savings Institutions Association
References
- 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.
- 1 2 "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.
External links
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