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ANZ Bank New Zealand Limited, New Zealand's largest financial-services group, operates as a subsidiary of Australia and New Zealand Banking Group Limited of Australia. Until 2012, ANZ operated in New Zealand under the legal entity ANZ National Bank Limited, which was formed as part of the 2012 merger of ANZ Banking Group (New Zealand) Limited and the National Bank of New Zealand Limited. From 2012, the company was renamed ANZ Bank New Zealand as part of the merger of ANZ and the National Bank brands. ANZ New Zealand operates under a variety of different brands, such as ANZ, UDC Finance, Bonus Bonds and Direct Broking. It provides a number of financial services, including banking services, asset finance, investments and payment "solutions".

ANZ New Zealand
Public
IndustryFinance and insurance
Founded1840 – UBA branch

1951 – ANZ

2012 – ANZ Bank New Zealand
HeadquartersAuckland, New Zealand
Key people
Shayne Elliott (Group CEO)
Antonia Watson (Acting New Zealand CEO)[1]
Sir John Key (New Zealand Chairman)
ProductsCheque accounts
Insurance
Stock brokerage
Investment banking
Asset-based lending
Consumer finance
Number of employees
9,000
ParentAustralia and New Zealand Banking Group
Websitewww.anz.co.nz

In September 2010, ANZ New Zealand became the sole owner of ING New Zealand Limited, which formed part of ING; ING provided investment advice for the investment and insurance products sold by ANZ and The National Bank. ING New Zealand Limited changed its name to OnePath Limited in November 2010.

On 26 September 2012, ANZ National Bank CEO David Hisco announced that the National Bank would re-brand as "ANZ" by the end of October. The name of the company would change to "ANZ Bank New Zealand Limited".[2] The technology of the two banks was brought together from 29 October 2012,[3] with customers being able to use branches branded ANZ or the National Bank from the same date.[4] Branches branded the National Bank would change to the ANZ branding before the bank's trademark license expired in 2014.[5] In May 2019, the Reserve Bank stripped ANZ of its accreditation to set and managed its capital reserves over persistent failures since 2014.[6][7]

ANZ building at 1 Victoria St in Wellington

SubsidiariesEdit

Company Description
UDC Finance Limited Provides asset financing including financing for business vehicles and equipment.

ShareholdingsEdit

 
ANZ Branch on Lambton Quay, Wellington

HistoryEdit

  • 1840: Union Bank of Australia (UBA), a British bank with head office in London, agreed with the New Zealand Company to accompany settlers to New Zealand to provide them with banking services. UBA opened a branch in Petone, across the harbor from Wellington, where it transferred the branch shortly thereafter. Between 1840 and 1847 the Union Bank issued its own bank notes for circulation in New Zealand. These were initially issued under British law until 1844 when the New Zealand Governor signed an ordinance allowing the Bank to issue bank notes but required that these be a minimum of 1 pound and redeemable at demand for gold or silver.[8]
  • 1848: The Governor withdrew Union Bank's right to issue bank notes and transferred these rights to the Colonial Bank of Issue (CBI). UBA notes in circulation were withdrawn and replaced with CBI bank notes. UBA objected, and every day it took whatever CBI notes it had received that day to the CBI and demanded redemption in gold; when UBA's customers wanted to withdraw money, the bank paid them in gold rather than CBI notes. This policy, when combined with previous confusion related to the issue of NZ Government debt, and support from the local commercial community, resulted in the CBI ultimately being shut down.
  • 1848: UBA opened a branch in Auckland, and a small number of branches elsewhere in the country followed.
  • 1856: UBC resumed issuing bank notes in New Zealand under an act of the New Zealand Parliament. (The Paper Currency Act 1856)
  • 1864: Bank of Australasia, another London-based bank, opened branches in Auckland, Dunedin and Christchurch.
  • 1951: UBA and the Bank of Australasia merged to become the Australia and New Zealand Bank.
  • 1968: ANZ Bank joins Databank Systems Limited consortium to provide joint data processing services.
  • 1970: ANZ Bank merged with a third London-based bank, the English, Scottish and Australian Bank, to form ANZ Banking Group.
  • 1976: ANZ moved its corporate headquarters to Melbourne, Australia.
  • 1979: An Act of Parliament permitted ANZ to incorporate its branches in New Zealand as ANZ Banking Group (New Zealand) Ltd. ANZ sold 25% of the shares to the public.
  • 1983: ANZ opened its New Zealand head office in Wellington.[9]
  • 1989: ANZ bought PostBank (the Post Office Savings Bank) from the New Zealand government in a privatization. Two years earlier the Government had separated the Post Office's banking business into a separate entity to prepare it for sale.
  • 2003: ANZ bought National Bank of New Zealand from Lloyds TSB.[10]
  • 2008: ANZ announces around 400 jobs are to be moved to Bangalore, India.
  • 2009: ANZ Group CEO Mike Smith announces the Group's "super regional strategy" where the Bank aims to not be "Kiwi" or "Australian" but a global bank.
  • 2010: Acquires the remainder of ING NZ, forming the OnePath brand.
  • 2010: David Hisco replaces outgoing Jenny Fagg as CEO ANZ New Zealand.[11]
  • 2012: National Bank rebranded ANZ, over a period of two years.
  • 2014: ANZ India gets Reserve Bank of India nod to open two branches in India [12]
  • 2015: ANZ announces ANZ ETFS joint venture with ETF Securities to offer 6 ETFs on ASX[13]
  • 2017: ANZ announces it will sell its online sharebroking service, Direct Broking, to investment bank, First NZ Capital (FNZC), for an undisclosed sum.[14] The sale was completed in December 2018.[15]
  • 2019: Antonia Watson replaces David Hisco as acting CEO of ANZ NZ[citation needed]

CriticismEdit

ANZ has often been a finalist for the Roger Awards, which recognise "The Worst Transnational Corporation[s] operating in New Zealand" and are run by CAFCA and GATT Watchdog.[16]

See alsoEdit

ReferencesEdit

  1. ^ "Q&A WITH ANTONIA WATSON – ACTING CEO, ANZ NEW ZEALAND". Craigs Investment Partners. Retrieved 15 August 2019.
  2. ^ "National Banks to be rebranded ANZ". New Zealand Herald. 26 September 2012. Retrieved 8 October 2015. The company's legal name would become ANZ Bank New Zealand Ltd.
  3. ^ "Important changes for ANZ customers" (PDF). ANZ National Bank Limited. Archived from the original (PDF) on 17 December 2013. Retrieved 26 October 2012.
  4. ^ "ANZ New Zealand – Facebook". ANZ New Zealand. Retrieved 27 October 2012.
  5. ^ Compare: Bayer, Kurt (26 September 2012). "National Banks to be rebranded ANZ". NZ Herald. Retrieved 8 October 2015. 'The black horse and green colour branding of The National Bank are licensed from British bank Lloyds TSB, and that licence expires in 2014. So it makes sense to change to ANZ [...]'.
  6. ^ "Reserve Bank censures ANZ". Reserve Bank of New Zealand. 17 May 2019. Retrieved 23 May 2019.
  7. ^ Pullar-Strecker, Tom; Rutherford, Hamish (17 May 2019). "Reserve Bank censures ANZ for 'persistent weakness in process'". Stuff.co.nz. Retrieved 23 May 2019.
  8. ^ Ken, Matthews (March 2003). "The legal history of money in New Zealand" (PDF). Reserve Bank of New Zealand Bulletin. Reserve Bank of New Zealand. Archived from the original (PDF) on 8 May 2014. Retrieved 10 July 2009.
  9. ^ "ANZ Brand". ANZ National Bank. Retrieved 10 July 2009.
  10. ^ "Application by ANZ Banking Group New Zealand Limited for clearance of a proposed business acquisition" (PDF). New Zealand Commerce Commission. 13 August 2003. Archived from the original (PDF) on 14 October 2008. Retrieved 10 July 2009.
  11. ^ "Australian to head ANZ New Zealand". Business. RNZ. 13 September 2010. Retrieved 11 March 2017.
  12. ^ "ANZ India Gets RBI Nod To Open Two Branches". Bloomberg TV India.
  13. ^ "ANZ to manufacture ETFs". Independent Financial Adviser.
  14. ^ McBeth, Paul (20 November 2017). "First NZ Capital to buy ANZ's Direct Broking for undisclosed sum" – via www.nzherald.co.nz.
  15. ^ "FNZC completes acquisition of ANZ Securities – FNZC".
  16. ^ "CAFCA views, analyses, research – Roger Award".

External linksEdit