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.
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
*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