The Co-operative Bank (New Zealand)

This article is about the New Zealand bank. For similarly named banks, see Co-operative Bank (disambiguation).

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.

The Co-operative Bank

Botany town centre branch - Auckland in 2014
Formerly	Public Service Investment Society (PSIS)
Company type	Cooperative
Industry	Banking
Founded	1928 (1928)
Headquarters	Wellington , New Zealand
Number of locations	26
Area served	New Zealand
Key people	Mark Wilkshire (CEO), Sarah Haydon (Chair)
Services	Investments, Loans, Insurance, Bank Accounts
Total assets	NZ$3.3305 billion (2022)
Owner	Customers (161,000 in 2017)
Number of employees	360
Rating	BBB (Fitch, June 2023)[1]
Website	www.co-operativebank.co.nz

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.^[2] As of 2017^[update] 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. In July 2019^[update] 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^[3]
• 1979: Placed in statutory management on 28 June^[4]
• 1987: Statutory management ended in October^[4]
• 1993: Registered under Companies Act 1993
• 1996: Registered under Co-operative Companies Act 1996
• 1998: Name abbreviated to PSIS
• 2002: CEO John Price resigns^[5]
• 2003: Girol Karacaoglu appointed CEO^[6]
• 2006: Total assets surpassed NZ$1 billion in May^[7]
• 2011

• June: PSIS announces dividend will be paid^[8]
• October: Change of name to The Co-operative Bank and registration as a bank by the Reserve Bank of New Zealand^[2]

• 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