Top List of Banks in New Zealand
New Zealand is home to some of the best banks in the world.
New Zealand's banking system is stable, transparent, and efficient.
Most banks offer personal and business accounts loans such as mortgages, credit cards, and investment options. Some also offer insurance products such as life insurance and home insurance. Your Bank will help you determine the best options for your financial situation. In this outline, we'll look at the best banks in New Zealand. The following are some of the best banks in New Zealand:
Bank of New Zealand
The Bank of New Zealand (Māori: Te Pūtea Matua) is one of the largest banks in New Zealand, with NZ$177 billion (2020)worth of assets. Its head office is in Auckland. The Bank's parent company is National Australia Bank, which owns 92% of BNZ shares. The remaining 8% are held by a small number of New Zealand investors. It operates as a retail bank and provides most traditional banking services. It also provides wealth management, private banking, and insurance products through its Private Bank division. The Bank is estimated to have employed a total of 5000 people across its branches.
Kiwibank
Kiwibank is a New Zealand retail bank formed in 2002 as a state-owned enterprise New Zealand Post subsidiary.
The Bank's head office is located in Wellington. As of June 30 2021, the Bank has 184 branches and employs over 2,500 staff. Kiwibank has more than 740,000 customer accounts, and its total assets were NZ$m $707 June 30 2021. Kiwibank offers retail banking products, such as home loans and term deposits, personal loans and credit cards; business banking products such as transaction accounts and business loans; internet banking services such as online bill payment and funds transfers; and KiwiSaver.
Co-operative Bank
The Cooperative Bank was established in 1928 to provide banking services to members of the cooperative movement. It has a subsidiary, PSIS Community Trust, which provides scholarships for young people to attend secondary school.
As of March 2016, the Bank's total assets was NZ$2.041 billion. The Bank has 26 branches throughout New Zealand (as of 2017), with its head office in Auckland. The Co-operative Bank is a retail bank in New Zealand, providing a full range of banking services to over 800,000 customers. The Bank offers personal banking, home loans, credit cards, banking for businesses, commercial customers, and investment products. The Bank employed a total of over 360 People as of 2017.
Rabobank New Zealand
Rabobank New Zealand Limited is a bank operating in New Zealand as a subsidiary of the Dutch cooperative Rabobank. It has 30 branches across both North and South Island and 250 employees. The Bank specializes in providing services to rural businesses and farmers. As of June 30, 2015, the Bank was estimated to have had total assets worth NZD 14.409 billion.
SBS (Southland Building Society) Bank
Southland Building Society is New Zealand's largest building society and a wholly-owned subsidiary of SBS Bank. Founded in 1869, SBS Bank has 16 branches nationwide and over 280 employees. As of September 30 2016, the Society had total assets of $2.54 billion, making it New Zealand's sixth-largest Bank. It has over 80,000 customers across New Zealand, with the most located in Southland (20%), Canterbury (13%), Waikato (12%) and Auckland (11%). Southland Building Society provides financial services to personal and business banking customers. The services offered include personal loans, term deposits and online banking.
Westpac New Zealand
Westpac provides various financial products and services, including consumer, business and corporate banking; institutional, project and structured finance; funds management; superannuation; insurance; leasing and asset financing; investment and broking services; general insurance and life insurance. The Bank is Australia's second-largest Bank by assets and the second-largest Bank by market capitalization. It is incorporated in New South Wales and headquartered in Sydney with over 197 branches across New Zealand. As of March 2018, Westpac has 13.1 million customers (retail & business combined), employs approximately 4000 people, and has assets net worth $906.63 billion.
Auckland Savings Bank (ASB)
ASB Bank, commonly stylized as ASB, is a bank owned by Commonwealth Bank of Australia, operating in New Zealand. It was formed from a merger between Auckland Savings Bank and Southland Building Society. Auckland Savings Bank was established in 1850. ASB provides a range of financial services, including retail, business and rural banking, funds management, and insurance through its Sovereign arm. As of 2012, it had a net worth of NZ$63.5 billion based on its total assets, and it was also approximated to have had 4907 employees (2018).
TSB Bank
TSB Bank was a financial services provider in New Zealand and a wholly-owned subsidiary of the TSB Community Trust. It was the seventh-largest Bank in New Zealand, with 290 branches as of 2020. As of June 30, 2021, TSB had total assets of NZD 25.59 billion and deposits of NZD 21.53 billion. TSB Bank offers a range of banking products, including mortgages, home loans, credit cards, insurance, and KiwiSaver. During the financial year of 2020, it is estimated to have had 7000 employees and above.
Industrial and Commercial Bank of China (New Zealand) Limited
Industrial and Commercial Bank of China (New Zealand) Limited (ICBCNZ) was established in Auckland in April 2006. ICBC NZ is a branch of the Industrial and Commercial Bank of China Limited (ICBC).
The total assets of ICBC were 33.3 trillion yuan for 2020. ICBC has more than 1,000 employees in New Zealand, serving over 260 thousand local customers and providing a full range of commercial banking services nationwide.
ICBC (New Zealand) Limited offers a wide range of products and services for corporate and individual customers. The Bank also provides trade finance services, including letters of credit, collection, export factoring, and discounting with guarantees.
Australia and New Zealand Banking Group (ANZ)
Australia and New Zealand Banking Group Limited, known as ANZ, is the fourth largest Bank in Australia. It was established in 1951 and is based in Melbourne. ANZ operates in Australia, New Zealand, Fiji, and Papua New Guinea, including several smaller Pacific Island countries. It is the largest Bank in New Zealand and Australia, with an extensive retail distribution network. The Bank offers banking services to individuals as well as companies.
The Bank had total assets worth 979 billion Australian dollars (2021), and it also had a total of over 570 branches across the country, with approximately 40,211 people employed in its various components.
Deutsche Bank NZ
Deutsche Bank New Zealand Limited is a subsidiary of Deutsche Bank AG. The Bank offers a full range of financial services, including corporate and investment banking, transaction banking, cash management, securities services, and asset and wealth management products and services. As of September 30, 2015, it had total assets of NZD 3.268 billion and customer loans of NZD 2.638 billion. By 2018, it was approximated to have employed around 7.4 thousand people across its branches in the country.
FAQs
Q. Which is the best bank in NZ?
A. Kiwibank has been rated the best bank in New Zealand for the second year running by the Canstar Blue customer satisfaction ratings. The findings were based on a survey of more than 1,400 New Zealanders who have accounts with one of 17 financial institutions.
