The Co-operative Bank (New Zealand) explained

The Co-operative Bank
Former Name:	Public Service Investment Society (PSIS)
Type:	Cooperative
Location City:	Wellington
Location Country:	New Zealand
Locations:	26
Area Served:	New Zealand
Key People:	Mark Wilkshire (CEO), Sarah Haydon (Chair)
Industry:	Banking
Services:	Investments, Loans, Insurance, Bank Accounts
Assets:	NZ$3.3305 billion
Assets Year:	2022
Owner:	Customers (161,000 in 2017)
Num Employees:	360
Rating:	BBB (Fitch, June 2023)^[1]

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.^[2] 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^[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

External links

• The Cooperative Bank
• Cooperative Business New Zealand

Notes and References

1. Web site: The Co-operative Bank Limited. Reserve Bank of New Zealand Bank Financial Strength Dashboard.
2. News: New Zealand's newest registered bank unveiled . The New Zealand Herald . 26 October 2011 . 26 October 2011.
3. Book: Boyce, Gordon . 2005 . Over Half a Million Careful Owners: A 75-Year History of PSIS . Dunmore Publishing . Wellington, New Zealand.
4. News: Lessons of the past . 27 December 2008 . . 19 November 2011.
5. News: PSIS chief resigns . 27 November 2002 . . 19 November 2011.
6. News: PSIS names chief executive . 14 March 2003 . . 19 November 2011.
7. News: PSIS sees assets break through $1b barrier . Bennett, Adam . 21 June 2006 . . 19 November 2011.
8. News: PSIS plans modest 'cherry on top' dividend for members . Weir, James . 23 June 2011 . . 19 November 2011.