ANZ Bank New Zealand

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ANZ New Zealand
Public
Industry Finance and insurance
Founded

1840 – UBA branch
1951 – ANZ

2012 – ANZ Bank New Zealand
Headquarters Auckland, New Zealand
Key people
Shayne Elliott (Group CEO)
David Hisco (New Zealand CEO)
Products Cheque accounts
Insurance
Stock brokerage
Investment banking
Asset-based lending
Consumer finance
Number of employees
9,000
Website www.anz.co.nz/

ANZ Bank New Zealand Limited, New Zealand's largest financial-services group, operates as a subsidiary of Australia and New Zealand Banking Group Limited of Australia. Until 2012, ANZ operated in New Zealand under the legal entity ANZ National Bank Limited, which was formed as part of the 2012 merger of ANZ Banking Group (New Zealand) Limited and the National Bank of New Zealand Limited. From 2012, the company was renamed ANZ Bank New Zealand as part of the merger of ANZ and the National Bank brands. ANZ New Zealand operates under a variety of different brands, such as ANZ, UDC Finance, Bonus Bonds and Direct Broking. It provides a number of financial services, including banking services, asset finance, investments and payment "solutions".

In September 2010, ANZ New Zealand became the sole owner of ING New Zealand Limited, which formed part of ING; ING provided investment advice for the investment and insurance products sold by ANZ and The National Bank. ING New Zealand Limited changed its name to OnePath Limited in November 2010.

On 26 September 2012, ANZ National Bank CEO David Hisco announced that the National Bank would re-brand as "ANZ" by the end of October. The name of the company would change to "ANZ Bank New Zealand Limited".[1] The technology of the two banks was brought together from 29 October 2012,[2] with customers being able to use branches branded ANZ or the National Bank from the same date.[3] Branches branded the National Bank would change to the ANZ branding before the bank's trademark license expired in 2014.[4]

ANZ building at 1 Victoria St in Wellington

Subsidiaries[edit]

Company Description
UDC Finance Limited Provides asset financing including financing for business vehicles and equipment.
Direct Broking Limited A sharebroking firm ANZ purchased in 2006.

Shareholdings[edit]

Entrance to ANZ Bank Tower on Lambton Quay, Wellington

History[edit]

  • 1840: Union Bank of Australia (UBA), a British bank with head office in London, agreed with the New Zealand Company to accompany settlers to New Zealand to provide them with banking services. UBA opened a branch in Petone, across the harbor from Wellington, where it transferred the branch shortly thereafter. Between 1840 and 1847 the Union Bank issued its own bank notes for circulation in New Zealand. These were initially issued under British law until 1844 when the New Zealand Governor signed an ordinance allowing the Bank to issue bank notes but required that these be a minimum of 1 pound and redeemable at demand for gold or silver.[5]
  • 1848: The Governor withdrew Union Bank's right to issue bank notes and transferred these rights to the Colonial Bank of Issue (CBI). UBA notes in circulation were withdrawn and replaced with CBI bank notes. UBA objected, and every day it took whatever CBI notes it had received that day to the CBI and demanded redemption in gold; when UBA's customers wanted to withdraw money, the bank paid them in gold rather than CBI notes. This policy, when combined with previous confusion related to the issue of NZ Government debt, and support from the local commercial community, resulted in the CBI ultimately being shut down.
  • 1848: UBA opened a branch in Auckland, and a small number of branches elsewhere in the country followed.
  • 1856: UBC resumed issuing bank notes in New Zealand under an act of the New Zealand Parliament. (The Paper Currency Act 1856)
  • 1864: Bank of Australasia, another London-based bank, opened branches in Auckland, Dunedin and Christchurch.
  • 1951: UBA and the Bank of Australasia merged to become the Australia and New Zealand Bank.
  • 1968: ANZ Bank joins Databank Systems Limited consortium to provide joint data processing services.
  • 1970: ANZ Bank merged with a third London-based bank, the English, Scottish and Australian Bank, to form ANZ Banking Group.
  • 1976: ANZ moved its corporate headquarters to Melbourne, Australia.
  • 1979: An Act of Parliament permitted ANZ to incorporate its branches in New Zealand as ANZ Banking Group (New Zealand) Ltd. ANZ sold 25% of the shares to the public.
  • 1983: ANZ opened its New Zealand head office in Wellington.[6]
  • 1989: ANZ bought PostBank (the Post Office Savings Bank) from the New Zealand government in a privatization. Two years earlier the Government had separated the Post Office's banking business into a separate entity to prepare it for sale.
  • 2003: ANZ bought National Bank of New Zealand from Lloyds TSB.[7]
  • 2008: ANZ announces around 400 jobs are to be moved to Bangalore, India.
  • 2009: ANZ Group CEO Mike Smith announces the Group's "super regional strategy" where the Bank aims to not be "Kiwi" or "Australian" but a global bank.
  • 2010: Acquires the remainder of ING NZ, forming the OnePath brand.
  • 2010: David Hisco replaces outgoing Jenny Fagg as CEO ANZ New Zealand.[8]
  • 2012: National Bank rebranded ANZ, over a period of two years.
  • 2014: ANZ India gets Reserve Bank of India nod to open two branches in India [9]
  • 2015: ANZ announces ANZ ETFS joint venture with ETF Securities to offer 6 ETFs on ASX[10]

Criticism[edit]

ANZ has often been a finalist for the Roger Awards, which recognise "The Worst Transnational Corporation[s] operating in New Zealand" and are run by CAFCA and GATT Watchdog.[11]

See also[edit]

References[edit]

  1. ^ "National Banks to be rebranded ANZ". New Zealand Herald. 26 September 2012. Retrieved 2015-10-08. The company's legal name would become ANZ Bank New Zealand Ltd. 
  2. ^ "Important changes for ANZ customers" (PDF). ANZ National Bank Limited. Retrieved 2012-10-26. 
  3. ^ "ANZ New Zealand - Facebook". ANZ New Zealand. Retrieved 2012-10-27. 
  4. ^ Compare: Bayer, Kurt (2012-09-26). "National Banks to be rebranded ANZ". NZ Herald. Retrieved 2015-10-08. 'The black horse and green colour branding of The National Bank are licensed from British bank Lloyds TSB, and that licence expires in 2014. So it makes sense to change to ANZ [...]'. 
  5. ^ Ken, Matthews (March 2003). "The legal history of money in New Zealand" (PDF). Reserve Bank of New Zealand Bulletin. Reserve Bank of New Zealand. Retrieved 10 July 2009. 
  6. ^ "ANZ Brand". ANZ National Bank. Retrieved 10 July 2009. 
  7. ^ "Application by ANZ Banking Group New Zealand Limited for clearance of a proposed business acquisition" (PDF). New Zealand Commerce Commission. 13 August 2003. Archived from the original (PDF) on 14 October 2008. Retrieved 10 July 2009. 
  8. ^ "Australian to head ANZ New Zealand". Business. RNZ. 13 September 2010. Retrieved 11 March 2017. 
  9. ^ "ANZ India Gets RBI Nod To Open Two Branches". Bloomberg TV India. 
  10. ^ "ANZ to manufacture ETFs". Independent Financial Adviser. 
  11. ^ "CAFCA views, analyses, research - Roger Award". 

External links[edit]