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Top-5 Banks in New Zealand

New Zealand has an advanced financial market. Its economy is powered by a multitude of banks providing key financial services. There are more than 25 banks currently operating in New Zealand and all these Banks are regulated by the Reserve Bank of New Zealand. The Reserve bank of New Zealand is responsible for assisting all financial institutions to provide better services to the citizens and create and implement free and business-friendly monetary policy in the country.

The banking sector of New Zealand is stable with good capitalization, profitability, and asset quality. After taking into account many financial indicators, the top 5 banks in New Zealand are listed below which offers their services in various banking products and services.

1. ANZ Bank New Zealand

The largest bank in the country is ANZ New Zealand. It is part of the ANZ banking group of Australia. ANZ owns many well-known financial brands of New Zealand such as AZN investment, ANZ securities, Bonus Bonds, and UDC Finance. Currently, the ANZ group of companies is responsible for the financing of around one-third of New Zealand’s home loans. In 2019, ANZ reported a net profit of over $1.8 billion.

2. Kiwibank

The Kiwibank was incorporated in 2001 and it is headquartered in Auckland. It employs over 2500 personnel. Kiwibank is the subsidiary of Kiwi Group Holdings, a state-owned financial service provider. It offers personal banking, business banking, and other international services. Kiwibank provides a saving scheme for retirement called KiwiSaver. In 2019, the net profit after tax of Kiwibank was $108 million.

3. ASB Bank

ASB bank was established in 1847 and it is based in Auckland. ASB Bank operates more than 120 branches and 600 ATMs all across the country and its staff consists of over 5000 employees. There are many financial services provided by ASB bank such as investments, management of funds, mortgages, and insurance as well as other retail and corporate services. ASB bank posted a net profit after tax of over $1.2 billion in 2019.

4. Cooperative Bank

The Cooperative Bank was established in 1928 and it is based in Wellington. The Cooperative bank runs more than 200 branches and employs around 3000 staff. Services offered by the Cooperative Bank of New Zealand include internet and mobile banking, business and microfinancing, loans & savings as well as insurance. The cooperative Bank shared more than $2 million in profits with over 115000 customers in 2019.

5. Bank of New Zealand

The bank of New Zealand was established in 1861. It is among the oldest and largest banks in New Zealand and it is owned by National Australia bank. it manages over 150 branches and employs over 5000 staff. The financial services offered by the bank of New Zealand include retail and commercial banking services and microfinance banking. The retail services consist of mortgages and personal loans as well as credit cards and international banking services. In 2019, the bank of New Zealand reported more than $ billion net profit.

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