The_Co-operative_Bank_(New_Zealand)

The Co-operative Bank (New Zealand)

The Co-operative Bank (New Zealand)

New Zealand cooperative bank

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).
Quick Facts Formerly, Company type ...

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