Bank of New Zealand (BNZ) is one of the four largest banks in New Zealand. Established in 1861, it provides retail, business, and institutional banking services through a nationwide branch and digital network. Since 1992, BNZ has operated as a subsidiary of the Australia-based National Australia Bank (NAB), while retaining a New Zealand board of directors. Headquartered in Auckland, the bank has played a central role in the country’s financial system, including periods of government ownership during the late 20th century. Today, BNZ remains a major participant in New Zealand’s banking sector, with a market share comparable to its three main competitors ANZ, ASB, and Westpac.
The Bank of New Zealand in Australia (BNZA) is a former entity, now owned by NAB.
History
The Bank of New Zealand was formed as a private company and incorporated by the New Zealand Bank Act 1861, which created the company and authorises it to issue banknotes.[2] The Bank of New Zealand's first office opened in Auckland in October 1861, followed shortly afterwards by the first branch in Dunedin in December 1861.[3]
In 1862, branches opened in Wellington, Christchurch, and London.