The Co-operative Bank (New Zealand)
{{Short description|New Zealand cooperative bank}}
{{Use dmy dates|date=September 2015}}
{{Use New Zealand English|date=September 2015}}
{{about|the New Zealand bank|similarly named banks|Co-operative Bank (disambiguation)}}
{{Infobox company
| name = The Co-operative Bank
| logo = Cooperative-Bank-NZ.png
| image = Co-operative bank botany.JPG
| image_size = 250px
| image_alt =
| image_caption = Botany town centre branch - Auckland in 2014
| caption =
| former_name = Public Service Investment Society (PSIS)
| type = Cooperative
| foundation = {{Start date|1928}}
| location_city = Wellington
| location_country = New Zealand
| locations = 26
| area_served = New Zealand
| key_people = Mark Wilkshire (CEO),
Sarah Haydon (Chair)
| industry = Banking
| services = Investments, Loans, Insurance, Bank Accounts
| assets = NZ$3.3305 billion
| assets_year = 2022
| owner = Customers (161,000 in 2017)
| num_employees = 360
| rating = BBB (Fitch, June 2023){{Cite web|title=The Co-operative Bank Limited|url=https://bankdashboard.rbnz.govt.nz/orgs/CO-OP|website=Reserve Bank of New Zealand Bank Financial Strength Dashboard}}
| homepage = {{URL|http://www.co-operativebank.co.nz}}
}}
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.{{cite news |url= http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10761847 |title= New Zealand's newest registered bank unveiled |work= The New Zealand Herald |date=26 October 2011 |accessdate=26 October 2011}} {{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. {{as of | 2019| July | alt = 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{{cite book|last=Boyce |first=Gordon |year=2005 |title=Over Half a Million Careful Owners: A 75-Year History of PSIS |publisher=Dunmore Publishing |location=Wellington, New Zealand}}
- 1979: Placed in statutory management on 28 June{{cite news |url=http://www.stuff.co.nz/sunday-star-times/business/776473/Lessons-of-the-past |title=Lessons of the past |date=27 December 2008 |work=The Sunday Star-Times |accessdate=19 November 2011}}
- 1987: Statutory management ended in October
- 1993: Registered under Companies Act 1993
- 1996: Registered under Co-operative Companies Act 1996
- 1998: Name abbreviated to PSIS
- 2002: CEO John Price resigns{{cite news |url=http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=3006364 |title=PSIS chief resigns |date=27 November 2002 |work=The New Zealand Herald |accessdate=19 November 2011}}
- 2003: Girol Karacaoglu appointed CEO{{cite news |url=http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=3200770 |title=PSIS names chief executive |date=14 March 2003 |work=The New Zealand Herald |accessdate=19 November 2011}}
- 2006: Total assets surpassed NZ$1 billion in May{{cite news |url=http://www.nzherald.co.nz/banking/news/article.cfm?c_id=126&objectid=10387554 |title=PSIS sees assets break through $1b barrier |author=Bennett, Adam |date=21 June 2006 |work=The New Zealand Herald |accessdate=19 November 2011}}
- 2011
:*June: PSIS announces dividend will be paid{{cite news |url=http://www.stuff.co.nz/business/industries/5179912/PSIS-plans-modest-cherry-on-top-dividend-for-members |title=PSIS plans modest 'cherry on top' dividend for members |author=Weir, James |date=23 June 2011 |work=Stuff.co.nz |accessdate=19 November 2011}}
:*October: Change of name to The Co-operative Bank and registration as a bank by the Reserve Bank of New Zealand
- 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
{{reflist}}
External links
- [https://www.co-operativebank.co.nz/ The Cooperative Bank]
- [http://nz.coop/ Cooperative Business New Zealand]
{{subject bar|auto=y|d=y|portal=New Zealand|Banks}}
{{NZ Banks}}
{{DEFAULTSORT:Co-operative Bank}}
Category:Banks established in 1928
Category:Financial services companies of New Zealand