The Co-operative Bank (New Zealand)


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.
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. 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.
WWW Official Site

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
  • 2012
  • 2014: Frans Kruger and Bruce McLachlan open the branch in Queen Street, Auckland, on 17 November, with Frans Kruger becoming its first Branch Manager.
  • 2017: Bruce McLachlan resigns, CFO Gareth Fleming appointed acting CEO.

Organisational memberships