250:
63:
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dates back to the early days of
European settlement in the country. Over the years, the banking industry has played a vital role in supporting economic growth and development, providing financial services to individuals, businesses, and the government. This article explores the significant milestones
441:
The 1990s witnessed a wave of consolidation and mergers in the New
Zealand banking sector. Several smaller banks merged with larger ones, resulting in a more concentrated banking industry. The BNZ merged with the National Bank of New Zealand in 1992, forming the National Bank of New Zealand Limited.
514:
The 21st century brought significant technological advancements to the banking sector. New
Zealand banks embraced digital banking services, allowing customers to access their accounts, make transactions, and manage finances through online platforms and mobile applications. These digital innovations
234:
Some of these banks merged early on (e.g. in 1973 the 'Manawatu
Wairarapa Savings Bank' merged with what was by then the 'Hawke's Bay & Gisborne Savings Bank' to form the 'Eastern & Central Savings Bank') and other renamed to reflect a change in focus (e.g. Dunedin Savings Bank became the
261:
was established as the country's central bank. Its primary objective was to regulate monetary policy, maintain price stability, and promote the stability and efficiency of the financial system. The
Reserve Bank was granted the authority to issue and regulate currency, supervise banks, and manage
518:
Furthermore, the emergence of financial technology (fintech) companies has disrupted traditional banking models, offering innovative and streamlined financial services. Fintech startups in New
Zealand have introduced services such as peer-to-peer lending, digital wallets, and blockchain-based
527:
The
Banking Ombudsman Scheme in New Zealand was established by the New Zealand Bankers' Association in 1992. Under the Financial Service Providers (Registration and Dispute Resolution) Act 2008, financial service providers became required to be part of an approved dispute resolution scheme.
335:
In 1986, the New
Zealand government removed exchange controls, allowing greater flexibility in foreign exchange transactions. The banking sector experienced an influx of foreign banks, leading to increased competition and a broader range of services for customers.
331:
During the late 20th century, New
Zealand underwent significant economic reforms, including the deregulation and liberalization of the banking sector. These reforms aimed to enhance competition, increase efficiency, and improve the overall financial system.
123:
The
Maungatautari Peeke was one of several banks set up by MÄori in the decades after the New Zealand Wars to handle money received from land sales. The KÄ«ngitanga (King Movement) operated at least two ā the other was the
74:, which opened its branch in Auckland in 1840. The bank primarily served the needs of early European settlers and facilitated trade and commerce in the region. The first bank established in New Zealand was the
104:(BNZ), which was established in 1861 and became the government's banker. The BNZ played a crucial role in supporting economic activities such as infrastructure development and agricultural growth.
445:
In 1996, ANZ Banking Group acquired the National Bank, further consolidating its position as one of the largest banks in New Zealand. Other mergers followed suit, such as the merger of
386:
By 2024 New Zealand, the banking sector was dominated by four large Australian-owned banks, which are responsible for 85% of bank lending. These banks and their parent companies are:
636:
1154:
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was registered in 2012, following the merger of CBS Canterbury (Canterbury Building Society), Southern Cross, MARAC and PGG Wrightson Finance.
398:
285:
279:
57:
1131:
1092:
291:
In 1974 the NZ Government set up the Rural Bank. The bank was sold to Flecher Challenge Ltd in 1989 and sold again in 1992 to National Bank
197:
After the Second World War there was a huge increase in the number of regional trustee savings banks, with the following new banks opening:
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In its first 25 years, the Scheme assisted over 78,000 consumers and facilitated nearly $ 39 million in compensation.
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71:
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360:(New Zealand Branch) (CBNA NZ) was granted a full banking licence and was designated as a registered bank.
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177:
85:
507:, set up in 1967 as a shared service used by a consortium of New Zealand banks. The company was sold to
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156:
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132:
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53:
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The Southland Building, Land and Investment Society was created in 1869. It was registered as the
97:(now Westpac) followed Union Bank of Australia and establishing its presence in Auckland in 1841.
1200:
1016:
630:
449:
with Westpac in 1996 and the merger of Bank of New Zealand with National Australia Bank in 1998.
317:(ACC) (22 percent). Subsequently, in 2022 the NZ government acquired full control of Kiwibank.
1088:
972:
616:
408:
152:
1008:
504:
498:
350:
344:
125:
906:
885:
298:(DFC) of New Zealand was a state-owned investment bank that operated from 1964 to 1991.
1083:
Ellinger, Eliahu P.; Lomnicka, Eva; Hare, Christopher; Hare, Christopher V. M. (2011).
486:
466:
79:
1179:
1243:
1020:
996:
108:
41:
165:
The five original banks were established under the Savings Bank Act 1858, and were:
1061:
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676:
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forming WestpacTrust. The bank was rebranded as Westpac New Zealand Ltd in 2002.
838:
796:
580:
394:
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founded in 1987. The bank was subsequently bourght by National Bank in 1998.
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Originally founded in 1928 as the Public Service Investment Society, the
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24:
and transformations in the history of the New Zealand banking sector.
288:, which was rebranded as PostBank in 1987 and bought by ANZ in 1989.
515:
have provided greater convenience and accessibility for customers.
839:"Community Trust of Southland | Community Trust of Southland"
677:"Te Ihingarangi: a history of the Karapiro and Maungatautari area"
248:
84:
61:
241:
was formed in 1988 by merging most of the trustee savings banks.
703:"From Kiwibank to iwi bank: the argument for a MÄori-owned bank"
519:
solutions, challenging established banks to adapt and innovate.
397:
incorporated its branches in New Zealand. In 1989 ANZ acquired
1206:
929:
Innovation and Independence: The Reserve Bank of New Zealand
411:
in 1989, with the remaining 25% being sold to CBA in 2000.
111:
was founded in 1863 and in 1873 was incorporated into the
969:
New Zealand: Market Liberalization in a Developed Economy
725:"Savings Banks Act 1858 (21 and 22 Victoriae 1858 No 52)"
589:. New South Wales, Australia. 3 September 1937. p. 4
1132:"Banking Ombudsman Scheme obtains Ministerial approval"
1184:
880:
878:
876:
503:
An early example of the use of IT in NZ banking was
1155:"Bank customers get $ 39m in payouts over 25 years"
253:
The coat of arms of the Reserve Bank of New Zealand
1066:Applied Econometrics and International Development
751:"ASB Bank | Business History | Timeline"
613:New Zealand Trading Banks and Early Paper Currency
1062:"Trends in New Zealand bank efficiency over time"
651:"Only surviving Maungatautari Bank cheque issued"
309:. In 2016 47 percent of Kiwibank was sold to the
135:called for the establishment of Maori owned bank
70:The first bank to operate in New Zealand was the
1035:"New Zealand's newest registered bank unveiled"
997:"New Zealand bank mergers and efficiency gains"
731:. New Zealand Legal Information Institute. 1858
675:Clark, Te Kaapo; Tairi, Lyn (29 October 2020).
284:In 1867 the New Zealand government created the
493:Technological advancements and digital banking
224:the South Canterbury Savings Bank (est. 1964)
8:
1209:History of the banking sector in New Zealand
353:gained registration in New Zealand in 1987.
21:history of the banking sector in New Zealand
245:Creation of the Reserve Bank of New Zealand
1112:. Te Ara - the Encyclopedia of New Zealand
1087:(5 ed.). Oxford: Oxford Univ. Press.
772:"Auckland Savings Bank opens for business"
635:: CS1 maint: location missing publisher (
597:– via National Library of Australia.
221:the Bay of Plenty Savings Bank (est. 1964)
1134:. www.goodreturns.co.nz. 3 September 2010
186:the Invercargill Savings Bank (est. 1864)
860:"The Hokitika Savings Bank | NZETC"
424:Westpac New Zealand became part of the
1219:
1191:
572:
227:the Wellington Savings Bank (est. 1964)
204:the Canterbury Savings Bank (est. 1962)
628:
286:Post Office Savings Bank (New Zealand)
280:Post Office Savings Bank (New Zealand)
58:Post Office Savings Bank (New Zealand)
990:
988:
962:
960:
230:the Wanganui Savings Bank (est. 19??)
201:the Waikato Savings Bank (est. 1958)
7:
995:Liu, Benjamin; Tripe, David (2003).
606:
604:
183:the Dunedin Savings Bank (est. 1864)
89:New Zealand Banking Company Act 1841
78:that was established in 1840 in the
888:. The Community Archive. 2009-06-02
818:"Dunedin Savings Bank | NZETC"
459:The Co-operative Bank (New Zealand)
66:seal of the Union Bank of Australia
701:Hitchcock, Joshua (27 June 2019).
475:was registered as a bank in 2011.
161:Eastern & Central Savings Bank
14:
315:Accident Compensation Corporation
1222:
1194:
1001:Journal of Asia-Pacific Business
907:"Trust Bank Waikato (1987-1996)"
753:. Businesshistory.auckland.ac.nz
1153:Parker, Tamsyn (22 July 2017).
943:"Rural Banking Corporation Ltd"
321:Deregulation and liberalization
311:New Zealand Superannuation Fund
301:In 2002 the government founded
296:Development Finance Corporation
216:Manawatu Wairarapa Savings Bank
341:Countrywide Bank (New Zealand)
327:Countrywide Bank (New Zealand)
16:History of New Zealand Banking
1:
1085:Ellinger's modern banking law
1072:(1) – via Researchgate.
266:Banking and the NZ Government
235:Otago Savings Bank in 1964).
1180:Te Ara - Banking and Finance
1108:Tripe, David (11 Mar 2010).
931:. Auckland University Press.
546:List of banks in New Zealand
417:was acquired in 2003 by the
113:National Bank of New Zealand
46:National Bank of New Zealand
28:Early banking in New Zealand
561:Reserve Bank of New Zealand
426:Westpac Banking Corporation
262:foreign exchange reserves.
259:Reserve Bank of New Zealand
76:New Zealand Banking Company
50:New Zealand Banking Company
1271:
496:
456:
428:in 1998 when WBC acquired
407:sold 75% of its shares to
367:
324:
269:
142:
31:
1023:– via Researchgate.
611:Clifford, Andrew (2017).
523:Banking Ombudsman Service
437:Consolidation and mergers
178:New Plymouth Savings Bank
967:Massey, Patrick (1995).
927:Singleton, John (2013).
430:Trust Bank (New Zealand)
393:was formed in 1979 when
382:Trust Bank (New Zealand)
209:Hawke's Bay Savings Bank
145:Trust Bank (New Zealand)
1110:"The banking ombudsman"
909:. The Community Archive
509:Electronic Data Systems
419:National Australia Bank
272:DFC New Zealand Limited
95:Bank of New South Wales
72:Union Bank of Australia
38:Bank of New South Wales
34:Union Bank of Australia
1250:Banking in New Zealand
1039:The New Zealand Herald
971:. Palgrave Macmillan.
862:. Nzetc.victoria.ac.nz
820:. Nzetc.victoria.ac.nz
681:cambridgemuseum.org.nz
541:Economy of New Zealand
254:
90:
67:
1060:Tripe, David (2003).
1013:10.1300/J098v04n04_05
339:One such example was
313:(25 percent) and the
252:
191:Hokitika Savings Bank
171:Auckland Savings Bank
157:Westland Savings Bank
139:Trustee Savings Banks
88:
65:
945:. The Fletcher Trust
586:The Riverine Grazier
551:Banking in Australia
391:ANZ Bank New Zealand
370:ANZ Bank New Zealand
886:"Trust Bank NZ Ltd"
415:Bank of New Zealand
378:Bank of New Zealand
305:as a subsidiary of
102:Bank of New Zealand
54:Bank of New Zealand
1255:History of banking
364:Australian Parents
343:, a subsidiary of
255:
91:
68:
1094:978-0-19-923209-3
1041:. 26 October 2011
776:nzhistory.govt.nz
655:nzhistory.govt.nz
473:Co-operative Bank
409:Commonwealth Bank
153:TSB (New Zealand)
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581:"THE UNION BANK"
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505:Databank Systems
499:Databank Systems
345:bank of Scotland
126:Bank of Aotearoa
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615:. New Zealand.
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457:Main articles:
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453:The Small Banks
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864:. Retrieved
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812:
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797:"History of"
791:
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755:. Retrieved
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733:. Retrieved
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707:. Retrieved
696:
684:. Retrieved
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658:. Retrieved
654:
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584:
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556:Banking Code
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130:
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1201:New Zealand
1157:. NZ Herald
593:24 November
218:(est. 1963)
211:(est. 1962)
193:(est. 1866)
180:(est. 1850)
173:(est. 1847)
1244:Categories
1045:26 October
913:2015-08-30
892:2015-08-30
866:2015-08-30
845:2015-08-30
824:2015-08-30
803:2015-08-30
799:. TSB Bank
757:2015-08-30
567:References
447:Trust Bank
395:ANZ (bank)
239:Trust Bank
1021:153734596
631:cite book
511:in 1994.
482:in 2008.
535:See also
480:SBS Bank
463:SBS Bank
405:ASB Bank
399:PostBank
374:ASB Bank
358:Citibank
303:Kiwibank
276:Kiwibank
149:ASB Bank
1161:17 June
1138:17 June
1116:17 June
781:14 June
709:14 June
686:14 June
660:14 June
307:NZ Post
1187:Portal
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949:9 June
735:26 May
619:
465:, and
380:, and
278:, and
159:, and
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1017:S2CID
1231:Data
1163:2024
1140:2024
1118:2024
1089:ISBN
1047:2011
973:ISBN
951:2024
783:2024
737:2024
711:2024
688:2024
662:2024
637:link
617:ISBN
595:2018
485:The
351:HSBC
294:The
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