Top 10 Banks in New Zealand

The Reserve Bank of New Zealand serves as the nation’s central bank. It was founded in 1934, and in 1936 the government acquired full ownership of the organisation. The central bank of New Zealand not only offers efficient support services to banks in the nation.

Also Read:- Top 10 Banks in Australia 2022

The economy of New Zealand is a vibrant free market. It is widely known that one of the important industries driving New Zealand’s economy is the financial services industry.

The country’s strong asset quality, wholesome bank capitalisation, and high profitability are all indications of the soundness of the banking subsector. With tens of thousands of employees, New Zealand boasts the presence of over 30 recognised banks.

Considering relocating to New Zealand soon? In order to achieve a smooth transfer, it’s crucial to first organise your funds. To help you get a head start on your finances, we’ve put together this in-depth reference to New Zealand’s top banks for expats.

The banking system in New Zealand is sophisticated and extensive. But out of all the options, you must select the one that best suits your requirements and provides the services you require. The list of requirements and fees charged by banks varies. You must clean up your references and open the proper account in New Zealand.

Regardless of the bank or credit union you pick, the procedure for creating a bank account is the same. It’s also very simple to open a bank account in New Zealand from abroad.

The country’s strong asset quality, wholesome bank capitalisation, and high profitability are all indications of the soundness of the banking subsector. With tens of thousands of employees, New Zealand boasts the presence of over 30 recognised banks. The 10 biggest banks in New Zealand are briefly profiled below.

List of Top Banks in New Zealand

1. ANZ Bank New Zealand

ANZ New Zealand is maybe the biggest banking organisation in the nation. The bank is an Australian subsidiary of Australia and New Zealand Banking Group Limited. Reputable names like UDC Finance, AZN, AZN Investments, and ANZ Securities are used in transactions. At this bank, you have no trouble making a minimum deposit of $10

Over 30% of home loans in New Zealand are currently financed by the ANZ group of firms, which also contributes 1% of the nation’s GDP. Additionally, ANZ Bank New Zealand employs up to 20% of the insurance and financial sector workers in New Zealand. The bank has its headquarters in Wellington and has more than 600 ATMs in addition to about 200 branches.

Net income: NZD 1.37 billion (9/2020)

Total assets: NZD 179.74 billion (9/2020)

2. ASB Bank

As Auckland Savings Bank, ASB is an Auckland-based financial institution that was founded more than 170 years ago. The bank features 120 locations and more than 600 ATMs around New Zealand.

Investment banking, fund management, mortgages, retail, corporate banking services, and insurance services are among the financial services provided by ASB. One of the banks with the highest capitalization, the bank employs about 5,000 people.

Net income: NZD 958.0 million (6/2020)

Total assets: NZD 109.23 billion (2020)

3. Kiwibank

Incorporated in 2001, Kiwibank is a financial organisation with its headquarters in Auckland. A number of financial services companies are administered by the state-owned Kiwi Group Holdings, which includes Kiwibank, throughout New Zealand.

Net income: NZD 57.0 million (6/2020)

Total assets: NZD 27.28 billion (2020)

4. Bank of New Zealand

Since it has been in business since 1861, this bank is one of the oldest financial entities in New Zealand. One of the top four banks in the nation, BNZ has a sizable workforce of more than 5,000 individuals. The bank has more than 150 locations around New Zealand, and its primary offerings include institutional banking, retail banking, and business banking.

Credit cards, home loans, personal loans, and foreign banking services are among the bank’s retail banking offerings. The NAB is the parent corporation of Bank of New Zealand (National Australia bank).

Net income: NZD 762.0 million (6/2020)

Total assets: NZD 114.31 billion (3/2021)

5. Cooperative Bank

The Cooperative Bank is a Wellington-based financial institution whose primary services include insurance, small business banking, loans, and savings. The bank employs more than 2,500 people and runs more than 200 branches.

The cooperative bank first opened its doors in 1965 and now provides a variety of modernised digital services, including text banking, online banking, and mobile banking. One of the fastest-growing banks in New Zealand, according to this bank.

Net income: NZD 6.71 million (3/2020)

Total assets: NZD 3.05 billion (9/2020)

6. SBS Bank

SBS Bank is a New Zealand-based corporation that was opened for business in 1869. But it wasn’t registered until 2008. Invercargill is home to the bank’s headquarters, and among the services it provides are online and mobile banking, insurance services, managed funds, commercial and residential financing, property and private wealth management, and managed funds. The bank features up to 13 locations and a workforce of roughly 250 workers.

Net income: NZD 18.63 million (3/2020)

Total assets: NZD 4.94 billion (3/2020)

7. Rabobank New Zealand

In its early years, Rabobank served as a bank for farmers and the local community. The bank runs a successful corporate banking division that provides a number of services, such as asset-based financing trading, corporate lending, and commodity finance. The bank is proud of its extremely competitive online and mobile banking services.

Net income: NZD 99.3 million (2020)

Total assets: NZD 12.72 billion (2020)

8. TSB Bank

One of the most established and reputable banks in New Zealand is TSB. The bank has been in business for 165 years and has its headquarters in Plymouth. Over 240 people are employed by TSB bank, which has 25 branches throughout New Zealand. The bank offers loans, investment banking, commercial and rural banking, and insurance services.

Net income: NZD 30.82 million (3/2020)

Total assets: NZD 8.58 billion (9/2020)

9. Industrial and Commercial Bank of China – NZ

The Reserve Bank of New Zealand granted ICBC a permit to conduct business in New Zealand in 2013. Mortgages, account management, trade finance, and international settlement are among the financial services and products offered by ICBC.

Through its extensive network of local institutions, correspondent banks, and international institutions, ICBD provides banking services to over 400 million individuals and as many as 4.5 million businesses.

Net income: NZD 12.58 million (2020)

Total assets: NZD 2.05 billion (2020)

10. Westpac New Zealand

Since its founding in 1861, Westpac New Zealand has offered traditional banking services such as mortgage loans, insurance, savings accounts, debt consolidation, and credit card protection.

The Auckland-based bank currently employs about 5,000 people across all of its subsidiaries and has 160 branches and 450 ATMs. The two biggest affiliates of the bank are Westpac NZ Operations Ltd. and Westpac New Zealand Group Limited.

Net income: NZD 550.0 million (9/2020)

Total assets: NZD 107.59 billion (3/2021)

It is a wise choice to open a New Zealand bank account while you are still abroad if you intend to immigrate to New Zealand or return there. You may feel that the financial system here is different from what you are accustomed to.

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In New Zealand, there are numerous local and foreign banks as well as internet banking options for managing your finances. The top banks in New Zealand for expats include those that were mentioned above.