The Co-operative Bank (New Zealand)
 | |
 Botany town centre branch - Auckland in 2014 | |
| Formerly | Public Service Investment Society (PSIS) |
|---|---|
| Company type | Cooperative |
| Industry | Banking |
| Founded | 1928 |
| Headquarters | , |
Number of locations | 26 |
Area served | New Zealand |
Key people | Mark Wilkshire (CEO), Sarah Haydon (Chair) |
| Services | Investments, Loans, Insurance, Bank Accounts |
| Total assets | NZ$3.3305 billion (2022) |
| Owner | Customers (161,000 in 2017) |
Number of employees | 360 |
| Rating | BBB (Fitch, June 2023)[1] |
| Website | www |
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.
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[update] 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[update] 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
[edit]- 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
- June: PSIS announces dividend will be paid[8]
- October: Change of name to The Co-operative Bank and registration as a bank by the Reserve Bank of New Zealand[2]
- 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
[edit]- Cooperative Business New Zealand (Inc)
- New Zealand Financial Services Federation (Inc)
- New Zealand Savings Institutions Association
References
[edit]- ^ "The Co-operative Bank Limited". Reserve Bank of New Zealand Bank Financial Strength Dashboard.
- ^ a b "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.
- ^ a b "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.
