The Co-operative Bank (New Zealand)
This article is about the NZ bank. For other similarly named banks, see Co-operative Bank (disambiguation).
 | |
|
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 | 560 |
| 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 $100.
History
- 1928: founded as the Public Service Investment Society, lending money to public servants when others were reluctant to do so[2]
- 1979: Placed in statutory management on 28 June[3]
- 1987: statutory management ended in October[3]
- 1993: Registered under Companies Act 1993
- 1996: Registered under Co-operative Companies Act 1996
- 1998: The name was abbreviated to PSIS
- 2002: CEO John Price resigns[4]
- 2003: Dr Girol Karacaoglu appointed CEO[5]
- 2006: Total assets surpassed NZ$ 1 billion in May[6]
- 2011
- June: PSIS announces dividend will be paid[7]
- October: Change of name to The Co-operative Bank and registration as a bank by the Reserve Bank of New Zealand[1]
- 2012
- January: Dr Girol Karacaoglu resigns and Sir David Gascoigne (chairman) retired.
- April: Steven Fyfe appointed chairman.
- June: Bruce McLachlan appointed CEO.
- 2014: Bruce McLachlan (CEO) and Frans Kruger (Branch Manager) opened the branch in Queen Street, Auckland on 17 November 2014. Frans Kruger also became the first Branch Manager of the Queen Street Branch.
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
This article is issued from Wikipedia - version of the 9/22/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.