New Zealand operates a bubbly free-market economy. It is no secret that the New Zealand financial services sector is one of the significant sectors powering its economy.
You can notice the strength of the banking sub-sector in the country’s positive asset quality, healthy bank capitalization and high profitability. New Zealand boasts of hosting over 30 registered banks with tens of thousands of staff. Below is a brief profile of New Zealand’s 10 largest banks:
1. ANZ Bank New Zealand
ANZ New Zealand is arguably the country’s largest banking group. The bank is a branch of Australia and New Zealand Banking Group Limited of Australia. Transactions are carried out using renowned brands such as UDC Finance, AZN, AZN Investments, and ANZ Securities. You can easily make a minimum deposit of $10 at any online casino without any problems at this bank.
Presently, the ANZ group of companies finances over 30% of home loans in New Zealand, and also accounts for 1% of the country’s GDP. In addition, up to 20% of New Zealand’s insurance and finance workforce work for ANZ Bank New Zealand. The bank is based in Wellington and operates nearly 200 branches and more than 600 ATMs.
2. ASB Bank
ASB is an Auckland based bank that was established over a century and seven decades ago (170 years) as Auckland Savings Bank. The bank boasts of more than 600 ATMs and 120 branches in New Zealand.
The financial services that ASB offers include: investment banking, fund management, mortgages, retail, corporate banking services, and insurance services. The bank employs around 5,000 individuals and is one of the banks that are most heavily capitalized.
Kiwibank is an Auckland based financial institution that was incorporated in 2001. Kiwibank is a subsidiary of the state-owned Kiwi Group Holdings that runs a range of financial services firms scattered all across New Zealand.
Kiwibank is one of the top banks at the market and offers a variety of financial services, such as retail banking services that target Small Micro Enterprises and individual account holders in the country. The bank runs an extensive network of over 250 ATMs and 260 branches. Kiwibank also boasts a workforce of over 2,500 people.
4. Bank of New Zealand
This bank is one of the oldest financial institutions in New Zealand as it has been in operations since 1861. BNZ is one of the top four banks in the country and employs a strong workforce of more than 5,000 people. The bank runs over 150 branches in New Zealand, with Its core services including institutional banking, and retail and business banking services.
The bank’s retail banking products include credit cards, personal loans, mortgages, as well as international banking services. Bank of New Zealand’s parent company is the NAB (National Australia bank).
5. Cooperative Bank
The Cooperative bank is a Wellington-based bank with core offerings that include savings, loans, small business banking and insurance. The bank operates more than 200 branches and has over 2,500 employees.
The cooperative bank commenced operations in 1965 and presently offers various enhanced digital services such as mobile banking, internet banking and text banking. This bank boasts of being one of the fastest-growing in New Zealand.
6. SBS Bank
SBS Bank is a New Zealand registered company that began operations in 1869. However, it was only registered in 2008. The head offices of the bank are located in Invercargill and the services offered include internet and mobile banking, insurance services, managed funds, commercial and residential lending, as well as property and private wealth management. The bank boasts of a workforce of about 250 employees and up to 13 branches.
7. Rabobank New Zealand
Rabobank was established in 1898 originally as a farmer and community bank. The bank operates a lucrative corporate banking sector that offers a range of services, including commodity finance, corporate lending and asset-based finance trade. The bank boasts of a highly competitive mobile and online banking operation.
8. TSB Bank
TSB is one of New Zealand’s oldest and most trusted banks. The bank is based in Plymouth and has been operating for 165 years. TSB bank employs over 240 staff and operates 25 branches across New Zealand. The bank’s services include insurance services, commercial and rural banking, investment banking and loans.
9. Industrial and Commercial Bank of China – NZ
ICBC obtained a license to operate in New Zealand from the Reserve Bank of New Zealand in 2013. ICBC’s range of financial products and services include mortgages, account management, trade finance and international settlement.
ICBD serves over 400 million personal banking customers and as many as 4.5 million corporate customers across its broad network of domestic institutions, correspondent banks and overseas institutions.
10. Westpac New Zealand
Westpac New Zealand started in 1861 and now provides mainstream banking services like housing loans, insurance, savings accounts, debt consolidation services and credit card protection.
Today, the Auckland-based bank has 160 branches and 450 ATMs and employs around 5,000 people in all its subsidiaries. The bank’s largest subsidiaries include Westpac New Zealand Group Limited and Westpac NZ Operations Ltd.