Overview of Banks in New Zealand
The Reserve Bank of New Zealand is the central bank of New Zealand. Established in 1934, it became a wholly-owned unit by the government in 1936. In addition to providing effective support services to banks in New Zealand, the country’s central bank also:
- Creates a monetary policy designed to achieve and maintain price stability
- Assists in the functioning of a sound and efficient financial system
- Satisfies the currency needs of the public
- Oversees and operates effective payments systems
According to Moody’s, New Zealand’s banking system is stable amid problems in the country’s dairy sector and the presence of higher household leverage. The rating agency believes the healthy capitalization of banks in New Zealand, strong asset quality, and stable profitability will offset existing risks.
For anyone considering a banking career in New Zealand, this list of top banks in New Zealand is a helpful guide on where to start. To learn more, see our list of financial institutions.
The Top Banks in New Zealand are:
ANZ Bank New Zealand
Established in 1979, ANZ Bank New Zealand is a subsidiary of Australia and New Zealand Banking Group Limited of Australia. The bank offers a range of financial products and services through its Retail, Commercial, and Institutional segments. It operates a network of 199 branches and over 600 ATMs across the country. Based out of Wellington City, the bank employs around 7,000 individuals.
Net income: NZD 1.37 billion (9/2020)
Total assets: NZD 179.74 billion (9/2020)
Founded in 1847, ASB Bank, one of the oldest banks in New Zealand, manages 124 branches and over 600 ATMs across the country. With around 3,200 employees, the bank is headquartered in Auckland City. In addition to its banking operations, it also offers insurance products and services.
Net income: NZD 958.0 million (6/2020)
Total assets: NZD 109.23 billion (2020)
Bank of New Zealand
Another of the oldest banks in the country, the Bank of New Zealand was established in 1861. In 1992, it became a subsidiary of National Australia Bank, but with a fully empowered New Zealand-based board of directors. The bank manages a network of 174 branches and over 400 ATMs across the country. It is headquartered in Auckland and employs around 5,000 staff.
Net income: NZD 762.0 million (6/2020)
Total assets: NZD 114.31 billion (3/2021)
Incorporated in 2001, Kiwibank is a state-owned enterprise. The bank provides retail banking products and services to individuals and SMEs. It also offers agency services for mortgage lending, and investment and fund management. It manages 266 branches and over 250 ATMs across the country. With around 2,500 employees, it operates out of Wellington.
Net income: NZD 57.0 million (6/2020)
Total assets: NZD 27.28 billion (2020)
Co-operative Bank operates as a financial services cooperative. Established in 1968, the bank provides several financial products and services in the country, including savings, deposits, insurance, loans, and small-business banking. Headquartered in Wellington, it currently employs around 2,500 individuals and manages more than 200 branches and ATMs.
Net income: NZD 6.71 million (3/2020)
Total assets: NZD 3.05 billion (9/2020)
Rabobank New Zealand
Rabobank New Zealand is a subsidiary of Rabobank International Holding B.V. The bank is engaged in savings, business banking, and rural banking services across New Zealand. The Rabobank subsidiary received its official registration as one of the banks in New Zealand in 1994.
Net income: NZD 99.3 million (2020)
Total assets: NZD 12.72 billion (2020)
SBS (Southland Building Society) Bank
SBS (Southland Building Society) Bank was founded in 1869. The bank primarily offers phone and Internet banking, investments, residential and commercial lending, foreign currency exchange, managed funds, agribusiness, consumer finance, and insurance services through its 13 branches. With around 250 employees, it currently operates out of Invercargill.
Net income: NZD 18.63 million (3/2020)
Total assets: NZD 4.94 billion (3/2020)
TSB Bank, another of the older banks in New Zealand (established 1850), is a subsidiary of TSB Community Trust. Headquartered in Plymouth, the bank employs around 300 staff and operates 25 branches.
Net income: NZD 30.82 million (3/2020)
Total assets: NZD 8.58 billion (9/2020)
Westpac New Zealand
Based in Auckland, Westpac New Zealand is active in consumer banking and wealth management, commercial, corporate, and institutional banking, and investment and insurance sectors. Founded in 1861, the bank manages a network of 163 branches and over 450 ATMs across the country.
With around 5,000 employees, Westpac New Zealand Limited operates as a subsidiary of Westpac New Zealand Group Limited.
Net income: NZD 550.0 million (9/2020)
Total assets: NZD 107.59 billion (3/2021)
Industrial and Commercial Bank of China (New Zealand) Limited
Established in 2013, the Industrial and Commercial Bank of China (New Zealand) Limited provides banking and financial products and services to retail and wholesale/institutional customers in the country. It offers account management, international settlement, trade finance, and mortgage loans, along with many other financial services.
Based out of Auckland City, the bank operates as a subsidiary of the Industrial and Commercial Bank of China Limited, one of the major banks in China.
Net income: NZD 12.58 million (2020)
Total assets: NZD 2.05 billion (2020)
Careers in Investment Banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map: For banking careers, you will have a significant edge over the competition with our financial modeling courses.
This has been CFI’s guide to the top banks in New Zealand. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: