The Co-operative Bank (New Zealand)

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.

This article is about the New Zealand bank. For similarly named banks, see Co-operative Bank (disambiguation).
The Co-operative Bank
FormerlyPublic Service Investment Society (PSIS)
TypeCooperative
IndustryBanking
Founded1928 (1928)
Headquarters
Wellington
,
New Zealand
Number of locations
26
Area served
New Zealand
Key people
Mark Wilkshire (CEO),
Sarah Haydon (Chair)
ServicesInvestments, Loans, Insurance, Bank Accounts
Total assetsNZ$3.3305 billion (2022)
OwnerCustomers (161,000 in 2017)
Number of employees
360
RatingBBB (Fitch, June 2023)[1]
Websitewww.co-operativebank.co.nz

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 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. In July 2019 The Cooperative Bank paid $2.1 million of surplus profit back to its customers. Since 2013 it has paid back over $12 million to its members.

History
  • 1928: Founded as the Public Service Investment Society, lending money to public servants when others were reluctant to do so[3]
  • 1979: Placed in statutory management on 28 June[4]
  • 1987: Statutory management ended in October[4]
  • 1993: Registered under Companies Act 1993
  • 1996: Registered under Co-operative Companies Act 1996
  • 1998: Name abbreviated to PSIS
  • 2002: CEO John Price resigns[5]
  • 2003: Girol Karacaoglu appointed CEO[6]
  • 2006: Total assets surpassed NZ$1 billion in May[7]
  • 2011
  • 2012
  • January: Girol Karacaoglu resigns and Sir David Gascoigne (chairman) retires.
  • April: Steven Fyfe appointed chairman.
  • June: Bruce McLachlan appointed CEO.
  • 2014: Frans Kruger and Bruce McLachlan (CEO) open the branch in Queen Street, Auckland, on 17 November, with Frans Kruger becoming its first Branch Manager.
  • 2017: Bruce McLachlan (CEO) resigns, CFO Gareth Fleming appointed acting CEO.
  • May: David Cunningham appointed CEO.

Organisational memberships
  • Cooperative Business New Zealand (Inc)
  • New Zealand Financial Services Federation (Inc)
  • New Zealand Savings Institutions Association

References
  1. "The Co-operative Bank Limited". Reserve Bank of New Zealand Bank Financial Strength Dashboard.
  2. "New Zealand's newest registered bank unveiled". The New Zealand Herald. 26 October 2011. Retrieved 26 October 2011.
  3. Boyce, Gordon (2005). Over Half a Million Careful Owners: A 75-Year History of PSIS. Wellington, New Zealand: Dunmore Publishing.
  4. "Lessons of the past". The Sunday Star-Times. 27 December 2008. Retrieved 19 November 2011.
  5. "PSIS chief resigns". The New Zealand Herald. 27 November 2002. Retrieved 19 November 2011.
  6. "PSIS names chief executive". The New Zealand Herald. 14 March 2003. Retrieved 19 November 2011.
  7. Bennett, Adam (21 June 2006). "PSIS sees assets break through $1b barrier". The New Zealand Herald. Retrieved 19 November 2011.
  8. Weir, James (23 June 2011). "PSIS plans modest 'cherry on top' dividend for members". Stuff.co.nz. Retrieved 19 November 2011.
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