The Co-operative Bank (New Zealand)

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The Co-operative Bank
Cooperative
IndustryBanking
Founded1928 (1928)
Headquarters,
Number of locations
34
Area served
New Zealand
Key people
David Cunningham (CEO),
Steven Fyfe (Chairman)
ServicesInvestments, Loans, Insurance, Bank Accounts
OwnerCustomers (161,000 in 2017)
Number of employees
360
Websitewww.co-operativebank.co.nz

The Co-operative Bank, a bank based in and registered in New Zealand, 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.[1] 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[citation needed] is to create prosperity for these customers. In July 2014 the Co-operative Bank paid $1.3 million of surplus profit back to the majority of its customers. In most cases, customers received a rebate of between $7 and $100.

History[edit]

  • 1928: founded as the Public Service Investment Society, lending money to public servants when others were reluctant to do so[2]
  • 1979: Placed in statutory management on 28 June[3]
  • 1987: statutory management ended in October[3]
  • 1993: Registered under Companies Act 1993
  • 1996: Registered under Co-operative Companies Act 1996
  • 1998: The name was abbreviated to PSIS
  • 2002: CEO John Price resigns[4]
  • 2003: Dr Girol Karacaoglu appointed CEO[5]
  • 2006: Total assets surpassed NZ$ 1 billion in May[6]
  • 2011
  • 2012
  • January: Dr Girol Karacaoglu resigns and Sir David Gascoigne (chairman) retired.
  • April: Steven Fyfe appointed chairman.
  • June: Bruce McLachlan appointed CEO.
  • 2014: Bruce McLachlan (CEO) and Frans Kruger (Branch Manager) opened the branch in Queen Street, Auckland on 17 November 2014. Frans Kruger also became the first Branch Manager of the Queen Street Branch.
  • 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]

  1. ^ a b "New Zealand's newest registered bank unveiled". The New Zealand Herald. 26 October 2011. Retrieved 26 October 2011.
  2. ^ Boyce, Gordon (2005). Over Half a Million Careful Owners: A 75-Year History of PSIS. Wellington, New Zealand: Dunmore Publishing.
  3. ^ a b "Lessons of the past". The Sunday Star-Times. 27 December 2008. Retrieved 19 November 2011.
  4. ^ "PSIS chief resigns". The New Zealand Herald. 27 November 2002. Retrieved 19 November 2011.
  5. ^ "PSIS names chief executive". The New Zealand Herald. 14 March 2003. Retrieved 19 November 2011.
  6. ^ Bennett, Adam (21 June 2006). "PSIS sees assets break through $1b barrier". The New Zealand Herald. Retrieved 19 November 2011.
  7. ^ Weir, James (23 June 2011). "PSIS plans modest 'cherry on top' dividend for members". Stuff.co.nz. Retrieved 19 November 2011.

External links[edit]