Bank of New Zealand facts for kids
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| Subsidiary | |
| Founded | 2 July 1861 |
| Headquarters | Auckland, New Zealand |
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Key people
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Dan Huggins (CEO) |
| Products | Banking services, loans and saving services |
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Number of employees
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5,000 (2013) |
| Parent | National Australia Bank |
| Rating | AA− (S&P) |
The Bank of New Zealand (BNZ) is one of New Zealand's four largest banks. It has been helping people with their money since October 1861. Since 1992, it has been owned by the National Australia Bank (NAB). However, BNZ still has its own New Zealand board of directors. The bank offers many financial services for everyday people, businesses, and large organizations.
Contents
History of BNZ
The Bank of New Zealand started as a private company in 1861. Its first office opened in Auckland in October 1861. Soon after, a branch opened in Dunedin in December 1861.
In 1862, more branches opened in Wellington, Christchurch, and even London. The bank started handling the New Zealand Government's money. It also helped the government borrow money from the United Kingdom. In the 1860s and 1870s, New Zealand grew quickly. Many people found jobs, and property prices went up.
But in the 1880s, things got tough. Prices for important products dropped very low. A rabbit problem hurt wool production. The government also spent much less money on public projects. Land prices fell, and many businesses struggled. People found it hard to buy things or pay their debts. New industries like dairying and frozen meat were just starting. In 1894, new laws helped save the BNZ. In 1895, BNZ took over the Colonial Bank of New Zealand, which was having problems.
Key Moments in the 20th Century
- 1940: BNZ gave £1 million to the government to help with the war. The number of women working at the bank grew from 74 to over 700 by 1945.
- 1943: A mobile bank in a caravan opened for American soldiers. Night banking started in Auckland and Wellington.
- 1944: A department for personal loans opened. The government announced it wanted to take over the bank.
- 1945: The government bought the bank's shares for £7,933,000. This meant the government now owned the bank.
- 1966: BNZ bought its first computer, an IBM 360/30. It had a small 16k memory.
- 1967: BNZ helped set up Databank Systems Ltd with another bank. Other banks joined later.
- 1978: The Visa debit card was introduced.
- 1980: Visa credit cards were introduced.
- 1984: The BNZ Centre building was finished in Wellington.
- 1985: Eftpos (electronic payments) started as a trial in petrol stations.
- 1987: The bank's shares were offered to the public again.
- 1989: The government sold more of its shares, keeping 51% ownership.
- 1990: The government had to give the bank $380 million to stop it from collapsing. This was because of some bad loans.
- 1992: The National Australia Bank (NAB) bought BNZ. BNZ became part of the Australian bank but kept its New Zealand board.
- 1992: The first call centre for customer service opened in Auckland.
- 1998: The main head office moved to Auckland.
- 1999: BNZ launched Internet Banking, allowing customers to bank online.
- 1999: BNZ Private Banking started for wealthy customers.
The part of the Bank of New Zealand that operated in Australia (BNZA) later became part of NAB.
Key Moments in the 21st Century
In 2000, BNZ had 192 branches and 5,562 staff.
On October 1, 2008, the bank changed its name to "BNZ" and updated its logo and colours.
In 2013, the bank employed over 5,000 people in New Zealand.
In 2020, BNZ announced it would close 38 branches. This was due to the economic effects of the COVID-19 pandemic in New Zealand.
As of June 2022, BNZ is the second-largest bank in New Zealand. It holds 19.1% of the banking market.
What BNZ Does
BNZ helps different types of customers with their money.
Banking for Individuals
For everyday people, BNZ offers many products and services. These include ways to save money and invest it. They also provide home loans, credit cards, and personal loans. Customers can do their banking by phone, online, or by visiting one of the 180 branches across New Zealand.
Banking for Businesses
BNZ's business banking is called BNZ Partners. It offers a full range of services for small, medium, and large businesses.
These services include bank accounts for daily use and ways to invest money. They also offer loans, payment services, and insurance. BNZ helps businesses that deal with international trade, like exports and imports. The bank has experts who understand different industries. These include farming, medical services, and property.
Banking for Large Organizations
BNZ's institutional banking helps very large companies, financial groups, and government organizations. This includes groups in farming, manufacturing, energy, and telecommunications.
For example, in 2010, BNZ helped the new Auckland Council get a large loan of $600 million. BNZ also won the contract to handle the Auckland Council's daily banking.
How BNZ Operates
Most of BNZ's main management and administration offices are in Wellington and Auckland. The bank also has 180 retail branches and business centres across the country. These are often called Partner Centres.
BNZ and Sustainability
BNZ was the first bank in New Zealand to become carbon neutral. This means they balance the carbon dioxide they put into the air with actions that remove it. They announced this in September 2010. For three years, they worked to reduce their emissions. They did this by using less energy and making their vehicles more efficient. They also encouraged staff to be more eco-friendly. Any emissions they couldn't avoid were offset by buying carbon credits.
A big part of this effort was building new, energy-efficient buildings. Two of these are in Auckland. The third was the Harbour Quays complex in Wellington. It was built in 2009 but had to be taken down in 2019 after damage from the 2016 Kaikōura earthquake. One of their Auckland buildings, the Deloitte Centre, was called "the greenest building in the land." This was because it was the first in New Zealand to get three Five Green Stars awards for its environmental design.
Images for kids
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The coat of arms of the Bank of New Zealand.
See also
In Spanish: Bank of New Zealand para niños
