The banking industry in New Zealand is dominated by four major banks, all of which are Australian-owned: ANZ Bank New Zealand, ASB Bank, Bank of New Zealand (BNZ), and Westpac New Zealand. These banks collectively hold the largest market share in the country, with ANZ leading at 28.1%, followed by BNZ at 18.1%, Westpac at 18%, and ASB at 17.2% as of 2022.
These institutions offer a wide range of services, including personal and business accounts, loans, and digital banking solutions
Read: List of Banks and Credit Union in Australia
| Bank Name | Ownership | Market Share |
|---|---|---|
| ANZ Bank New Zealand | Australian-owned | 28.1% |
| Bank of New Zealand (BNZ) | Australian-owned | 18.1% |
| Westpac New Zealand | Australian-owned | 18% |
| ASB Bank | Australian-owned | 17.2% |
| Kiwibank | State-owned | 9% |
In addition to the major banks, New Zealand is home to a range of other banking institutions. These include Kiwibank, TSB Bank, SBS Bank, Heartland Bank, and The Co-operative Bank, all of which are recognized for their commitment to customer service and community involvement. International banks like HSBC and the Industrial and Commercial Bank of China also have a presence in New Zealand, offering various financial services to individuals and businesses alike.
New Zealand banks in 2025 are expected to offer a comprehensive suite of services, including personal accounts, savings accounts, home loans, car loans, and business accounts. The integration of digital banking solutions is a key focus, with banks leveraging generative AI and fintech innovations to enhance customer service and communication. This shift reflects the growing demand for flexibility and lower-cost options among consumers.
The presence of international banks in New Zealand, including HSBC and Rabobank, enhances the diversity of the banking sector. Although these banks may hold smaller market shares, they enrich the competitive landscape by providing specialized services and products. The ongoing adoption of open banking standards is expected to further stimulate innovation and competition within the financial services industry.
New Zealand’s Bank Regulation
New Zealand’s banking regulation has seen significant changes in recent years, particularly with the introduction of the Deposit Takers Act 2023. This Act replaces previous regulatory frameworks and introduces a comprehensive set of rules for both banks and non-bank deposit takers.
One of the key features of the new regulation is the Deposit Compensation Scheme, which provides compensation of up to NZ$100,000 per depositor, per institution. This scheme aims to enhance depositor protection and financial stability in the country
The Deposit Takers Act 2023 also imposes stricter requirements on international banks operating in New Zealand. Overseas bank branches are now restricted to serving only wholesale customers and must incorporate locally if their total assets exceed NZ$15 billion.
This change is expected to complicate operations for international banks, as they will need to ensure that their governance and risk management practices are sufficiently separate from their parent companies. These measures are designed to enhance the Reserve Bank’s supervisory and enforcement capabilities
In addition to the Deposit Takers Act 2023, New Zealand’s banking regulation includes the Reserve Bank of New Zealand Act 2021 and the Financial Markets (Conduct of Institutions) Amendment Act 2022 (CoFI).
These acts collectively form a comprehensive regulatory framework that governs the conduct and prudential supervision of banks. The CoFI Act introduces new conduct licensing requirements, which will come into full effect on March 31, 2025. Banks must comply with the ‘fair conduct principle’ and establish a fair conduct programme to ensure consumer protection.
Lists of Bank in New Zaland
Here are some notable banks operating in New Zealand:
Major Banks:
- ANZ Bank New Zealand: A subsidiary of Australia and New Zealand Banking Group.
- ASB Bank: A subsidiary of the Commonwealth Bank of Australia.
- Bank of New Zealand (BNZ): A subsidiary of National Australia Bank.
- Westpac New Zealand: A subsidiary of Westpac Banking Corporation.
Other Banks:
- Kiwibank: A state-owned bank.
- TSB Bank: A community trust bank.
- SBS Bank: A mutual bank.
- Heartland Bank: A publicly listed bank.
- Co-operative Bank: A co-operative retail bank.
- Rabobank New Zealand: A subsidiary of Rabobank.
- HSBC New Zealand: A subsidiary of HSBC.
- Citibank New Zealand: A branch of Citibank.
- Bank of China (New Zealand): A subsidiary of Bank of China.
- Bank of India (New Zealand): A subsidiary of Bank of India.
- China Construction Bank (New Zealand): A subsidiary of China Construction Bank.
- MUFG Bank (New Zealand): A branch of Mitsubishi UFJ Financial Group.
- Bank of Baroda (New Zealand): A subsidiary of Bank of Baroda.
- Kookmin Bank (New Zealand): A subsidiary of KB Financial Group.
Read: How to register for NAB online banking and Mobile App
Credit Unions in New Zealand
Credit unions in New Zealand are unique financial institutions that differ from traditional banks in several key ways. They are nonprofit organizations owned by their members, which allows them to focus on community involvement and providing personalized service.
Unlike banks, which are profit-driven and owned by shareholders, credit unions operate on a membership-based model, requiring individuals to meet specific eligibility criteria to join. This cooperative approach empowers members to participate in governance and decision-making processes, fostering a sense of community among members
Membership in New Zealand credit unions is typically based on shared interests, such as employment with a particular company, affiliation with a specific organization, or residence in a defined geographic area. This model fosters a sense of community among members and allows credit unions to offer more favorable terms, such as lower interest rates on loans and higher interest rates on savings accounts.
Credit unions also tend to charge fewer fees compared to traditional banks, making them an attractive option for many individuals
the credit union landscape in New Zealand has evolved, with Unity Money and First Credit Union emerging as two of the most prominent credit unions in the country. These institutions continue to serve approximately 150,000 members with assets totaling around US $680 million.
Other credit unions operating in New Zealand include New Zealand Credit Union (NZCU). Despite a decrease in the total number of credit unions over the years, they remain an important part of the financial sector, offering competitive rates on loans and savings products compared to traditional banks.
Read: How to enroll for Bank Of America online banking and mobile App
| Credit Union | Membership | Assets |
|---|---|---|
| Unity Money | 150,000 members | US $680 million |
| First Credit Union | 150,000 members | US $680 million |
| New Zealand Credit Union (NZCU) | Not specified | Not specified |
Credit unions in New Zealand operate under the Friendly Societies and Credit Unions Act and are set up as member-owned, non-profit organizations. They focus on providing financial services to their members, often offering competitive rates on loans and savings products compared to traditional banks. While they may have fewer branches and ATMs compared to large banks, credit unions often participate in shared branching networks and offer digital banking services to enhance accessibility.
Read: How to enroll for Commonwealth online banking,NetBank & CommBank app and CommBiz
List of Credit Union in New Zealand
New Zealand has several credit unions that offer financial services to their members. Here are some notable credit unions in New Zealand:
- NZCU Baywide
- NZCU South
- First Credit Union
- Police and Families Credit Union
- Credit Union Central
- Credit Union North
- Credit Union South
- Credit Union Auckland
- Credit Union Wellington
- Credit Union Bay of Plenty
- Credit Union Canterbury
- Credit Union Otago
- Credit Union Southland
- How does capital one cardless ATM workand to withdraw cash - March 22, 2025
- How to register for Bankwest Online Banking mobile app - March 17, 2025
- How to transfer money and pay bills from Commonwealth bank - March 15, 2025
2 thoughts on “List of Banks and Credit Union in New Zealand”