The Co-operative Bank is based and registered in
New Zealand
New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island coun ...
. 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
A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
in October 2011.
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. 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
* 1979: Placed in statutory management on 28 June
* 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
* 2003: Girol Karacaoglu appointed CEO
* 2006: Total assets surpassed NZ$1 billion in May
* 2011
:*June: PSIS announces dividend will be paid
:*October: Change of name to The Co-operative Bank and registration as a bank by the
Reserve Bank of New Zealand
The Reserve Bank of New Zealand (RBNZ, mi, Te Pūtea Matua) is the central bank of New Zealand. It was established in 1934 and is constituted under the Reserve Bank of New Zealand Act 1989. The governor of the Reserve Bank is responsible for ...
[
* 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
External links
The Cooperative BankCooperative Business New Zealand
{{DEFAULTSORT:Co-operative Bank
Banks of New Zealand
Banks established in 1928
Financial services companies of New Zealand
Companies based in Wellington
New Zealand companies established in 1928