ANZ New Zealand

From Wikipedia, the free encyclopedia

Australia and New Zealand Banking Group Limited
Type Public
Founded
Headquarters Wellington, New Zealand
Industry Finance and insurance
Products Checking accounts
Insurance
Stock brokerage
Investment bank
Asset-based lending
Consumer finance
Slogan None
Website www.anz.co.nz

ANZ National Bank Limited is the largest bank in New Zealand. It is a subsidiary of Australia and New Zealand Banking Group Limited of Australia. ANZ National operates in New Zealand with two retail banking brands: ANZ, and National Bank of New Zealand.

Contents

[edit] Subsidiaries

  • UDC Finance Limited - provides asset financing including financing for business vehicles and equipment.
  • EFTPOS New Zealand Limited (ENZ) its agent for the supply of eftpos 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 Zealand by ANZ was equally held by National, ASB Bank, Westpac and the Bank of New Zealand.

[edit] Shareholdings

  • Interchange & Settlement Limited (ISL) the operator of the retail payment

processing system used to conduct interbank trasactions – 13%; and

Zealand) – 16%

[edit] 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 harbour from Wellington, where it transferred the branch shortly thereafter. Between 1840 and 1947 the Union Bank issued its own bank notes for cirulation 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 redeamable at demand for gold or silver.[1]
  • 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 UBA notes in circulation were withdrawn and replaced with CBI bank notes.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.
  • 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's New Zealand head office in Wellington opens. [2]
  • 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.

[edit] External links

Sources:

  • [3] Application by ANZ Banking Group New Zealand Limited for clearance of a proposed business acquisition - Public Version, New Zealand Commerce Commission, Wellington 13 August 2003.
Retail banks of New Zealand
ANZ New Zealand - ASB Bank/BankDirect - Bank of New Zealand - HSBC - Kiwibank - National Bank - RaboPlus - Superbank - TSB - Westpac