ANZ New Zealand
Encyclopedia
ANZ New Zealand is New Zealand’s largest financial services group and is a subsidiary of Australia and New Zealand Banking Group Limited of Australia. ANZ New Zealand operates under its legal entity ANZ National Bank Limited which was formed as part of the 2003 merger of ANZ and The National Bank of New Zealand. ANZ New Zealand operates under a variety of different brands, such as ANZ, The National Bank
, UDC Finance
, EFTPOS New Zealand, Bonus Bonds
and Direct Broking. It provides a number financial services, including banking services, asset finance, investments and payment solutions.
ANZ New Zealand is now the sole owner of ING New Zealand Limited which was part of ING
, who provide 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.
s, which recognise "The Worst Transnational Corporation[s] operating in New Zealand" and are run by CAFCA and GATT Watchdog.
National Bank of New Zealand
The National Bank of New Zealand often referred to as The National Bank is one of New Zealand's largest banks. Throughout much of its history, the National Bank has provided banking services to mainly rural, personal, and small business customers. Its owner is ANZ National Bank Limited, the New...
, UDC Finance
UDC Finance Limited
UDC Finance Limited is a finance company in New Zealand. UDC's main expertise is now in providing asset-backed finance for plant, vehicles and equipment, where they do not rely on land or buildings as security. UDC also offers a range of investment products such as secure term investments and call...
, EFTPOS New Zealand, Bonus Bonds
Bonus Bonds
Bonus Bonds is a New Zealand unit trust founded in 1970 with a cash prize based reward scheme. It was founded under the Unit Trusts Act 1960 by the New Zealand government through the now defunct Post Office Savings Bank with the goal of encouraging New Zealanders to save...
and Direct Broking. It provides a number financial services, including banking services, asset finance, investments and payment solutions.
ANZ New Zealand is now the sole owner of ING New Zealand Limited which was part of ING
ING Group
The ING Group is a global financial institution offering retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks...
, who provide 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.
Subsidiaries
- UDC Finance LimitedUDC Finance LimitedUDC Finance Limited is a finance company in New Zealand. UDC's main expertise is now in providing asset-backed finance for plant, vehicles and equipment, where they do not rely on land or buildings as security. UDC also offers a range of investment products such as secure term investments and call...
– provides asset financing including financing for business vehicles and equipment. - EFTPOS New Zealand Limited (ENZ), its agent for the supply of eftposEFTPOSEFTPOS is the general term used for debit card based systems used for processing transactions through terminals at points of sale. In Australia and New Zealand it is also the brand name of the specific system used for such payments...
terminals and transaction systems to retailers and other businesses. Eftpos New Zealand Limited is one of two eftpos payments systems in New Zealand the other being Electronic Transaction Services Limited which, prior to the purchase of the National Bank of New ZealandNational Bank of New ZealandThe National Bank of New Zealand often referred to as The National Bank is one of New Zealand's largest banks. Throughout much of its history, the National Bank has provided banking services to mainly rural, personal, and small business customers. Its owner is ANZ National Bank Limited, the New...
by ANZ was equally held by National, ASB BankASB BankASB is a New Zealand bank owned by the Commonwealth Bank of Australia, which is listed on the Australian Stock Exchange. It is one of the largest New Zealand banks, with branches throughout the country. It operates BankDirect, a branchless banking service that provides service via phone, Internet,...
, WestpacWestpacWestpac , is a multinational financial services, one of the Australian "big four" banks and the second-largest bank in New Zealand....
and the Bank of New ZealandBank of New ZealandBank of New Zealand is one of New Zealand’s largest banks and has been operating continuously in the country since the first office was opened in Auckland in October 1861 followed shortly after by the first branch in Dunedin in December 1861...
. - Direct Broking Limited, a sharebrokingStock brokerA stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...
firm it purchased in 2006.
Shareholdings
- Interchange & Settlement Limited (ISL), the operator of the retail payment processing system used to conduct interbank transactions – 13%
- VisaVISA (credit card)Visa Inc. is an American multinational financial services corporation headquartered on 595 Market Street, Financial District in San Francisco, California, United States, although much of the company's staff is based in Foster City, California. It facilitates electronic funds transfers throughout...
New Zealand Limited (VNZL), who grants access to the Visa International network in New Zealand) – 16%
History
- 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 WellingtonWellingtonWellington is the capital city and third most populous urban area of New Zealand, although it is likely to have surpassed Christchurch due to the exodus following the Canterbury Earthquake. It is at the southwestern tip of the North Island, between Cook Strait and the Rimutaka Range...
, 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. - 1848: The Governor withdrew Union Bank's right to issue bank notes and transferred these rights to the Colonial Bank of IssueColonial Bank of IssueThe Colonial Bank of Issue was a New Zealand state owned bank that operated between 1847 and 1856 in an early unsuccessful attempt to create a government-owned issuer of bank notes in New Zealand...
(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 AucklandAucklandThe Auckland metropolitan area , in the North Island of New Zealand, is the largest and most populous urban area in the country with residents, percent of the country's population. Auckland also has the largest Polynesian population of any city in the world...
, 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, DunedinDunedinDunedin is the second-largest city in the South Island of New Zealand, and the principal city of the Otago Region. It is considered to be one of the four main urban centres of New Zealand for historic, cultural, and geographic reasons. Dunedin was the largest city by territorial land area until...
and ChristchurchChristchurchChristchurch is the largest city in the South Island of New Zealand, and the country's second-largest urban area after Auckland. It lies one third of the way down the South Island's east coast, just north of Banks Peninsula which itself, since 2006, lies within the formal limits of...
. - 1951: UBA and the Bank of Australasia merged to become the Australia and New Zealand Bank.
- 1968: ANZ Bank joins Databank Systems LimitedDatabank Systems LimitedDatabank Systems Limited was the name of a not-for-profit "off balance sheet" company set up by a consortium of competing banks in New Zealand, to operate on what is nowadays termed a "Shared Services Agency" basis, to provide computing resources for the consortium members...
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 MelbourneMelbourneMelbourne is the capital and most populous city in the state of Victoria, and the second most populous city in Australia. The Melbourne City Centre is the hub of the greater metropolitan area and the Census statistical division—of which "Melbourne" is the common name. As of June 2009, the greater...
, 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.
- 1989: ANZ bought PostBankPostBankPostBank was the trading name of the Post Office Bank Limited, a bank owned by the New Zealand Government. PostBank was formed when the New Zealand Post Office was split up by the Postal Services Act 1987 into Post Office Bank Ltd , New Zealand Post Ltd and Telecom Corporation of New Zealand...
(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 ZealandNational Bank of New ZealandThe National Bank of New Zealand often referred to as The National Bank is one of New Zealand's largest banks. Throughout much of its history, the National Bank has provided banking services to mainly rural, personal, and small business customers. Its owner is ANZ National Bank Limited, the New...
from Lloyds TSBLloyds TSBLloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...
. - 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 Fag as CEO ANZ New Zealand.
Criticism
ANZ has often been a finalist for the Roger AwardRoger Award
The Roger Award For The Worst Transnational Corporation Operating in New Zealand is an annual media campaign run since 1997 by two activist organisations, Campaign Against Foreign Control of Aotearoa and GATT Watchdog...
s, which recognise "The Worst Transnational Corporation[s] operating in New Zealand" and are run by CAFCA and GATT Watchdog.