ANZ Bank New Zealand
The New Zealand banking and financial-services business of Australia and New Zealand Banking Group, serving personal, business and institutional customers.
Last updated August 31, 2026
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Overview
ANZ Bank New Zealand Limited is the New Zealand banking and financial-services subsidiary of Australia and New Zealand Banking Group Limited, an Australia-based banking group. It is one of New Zealand’s four major banks and operates under the ANZ brand across personal, business and institutional markets. The business provides everyday transaction accounts, savings and term deposits, home loans, personal lending, credit cards, insurance distributed through partner insurers, investment and wealth-management services, payment services, asset finance and commercial banking. The modern New Zealand operation combines several historical banking businesses. The Union Bank of Australia established a New Zealand presence in the nineteenth century, later becoming part of the Australia and New Zealand Bank. That institution merged with the English, Scottish and Australian Bank in 1970 to create ANZ Banking Group. In New Zealand, ANZ also acquired PostBank in 1989 and National Bank of New Zealand from Lloyds TSB in 2003. National Bank and ANZ initially continued as separate brands, but the National Bank identity was retired in 2012 and the New Zealand business was consolidated under ANZ. The legal entity adopted the name ANZ Bank New Zealand Limited. ANZ’s customer proposition combines branch banking with internet, mobile, telephone and card-based services. Its consumer offering includes payment accounts, deposits, residential mortgages, personal loans, cards, insurance and investment products. ANZ Investments, formerly associated with the ING New Zealand business, provides investment and KiwiSaver-related services. Private banking serves affluent and internationally oriented customers with lending, investment management and foreign-currency capabilities. Business and institutional banking covers transaction banking, lending, cash management, payments, markets and other financial services. The company is wholly owned within the ANZ Group rather than being separately listed. Its New Zealand operations are subject to domestic banking, prudential, conduct and consumer-protection regulation, including oversight by the Reserve Bank of New Zealand and the Financial Markets Authority. ANZ has faced regulatory and governance criticism, including the loss of accreditation to use its own capital model in 2019, enforcement action concerning credit-card repayment insurance and later fair-dealing proceedings. These matters have made risk management, disclosure, controls and customer outcomes important themes in the bank’s public profile. ANZ New Zealand also maintains a prominent public presence through sponsorships and community partnerships. Its reported relationships have included New Zealand Cricket, Netball New Zealand, Paralympics New Zealand, the New Zealand Olympic Committee and the Cancer Society. The brand is primarily New Zealand-focused, although it is part of a wider group with operations and investments across Australia and selected Asia-Pacific markets.
History
ANZ Bank New Zealand’s history reflects the development, merger and consolidation of several banking institutions operating in New Zealand. One early predecessor was the Union Bank of Australia, which agreed in 1840 to provide banking services to settlers associated with the New Zealand Company. It opened a branch at Petone and soon moved its principal local presence across Wellington Harbour. During the 1840s, the bank issued notes in New Zealand under changing legal arrangements. The government’s creation of a Colonial Bank of Issue and the subsequent withdrawal of the Union Bank’s note-issuing authority formed part of the early contest over currency and banking control. The Union Bank expanded its New Zealand network during the mid-nineteenth century, while the Bank of Australasia opened branches in Auckland, Dunedin and Christchurch in 1864. In 1951, the Union Bank of Australia and Bank of Australasia merged to form Australia and New Zealand Bank. That institution joined a shared data-processing consortium in 1968 and, in 1970, merged with the English, Scottish and Australian Bank. The resulting ANZ Banking Group moved its corporate headquarters to Melbourne in 1976. New Zealand incorporation followed legislation in 1979, when the group’s local branches were incorporated as ANZ Banking Group (New Zealand) Limited and part of the ownership was offered to the public. ANZ established a New Zealand head office in Wellington in 1983. In 1989 it acquired PostBank, the former Post Office Savings Bank, from the New Zealand Government. The acquisition broadened ANZ’s retail presence and connected it with a large established savings and payments network. ANZ introduced internet banking in 1999, marking an early transition toward remote and digital service delivery. The group’s New Zealand expansion continued through financial-services partnerships and acquisitions. ANZ and ING established a New Zealand joint venture in 2002. In 2003, ANZ acquired National Bank of New Zealand from Lloyds TSB. National Bank continued as a separate customer-facing brand for several years, alongside ANZ. In 2010, ANZ New Zealand became the sole owner of ING New Zealand, which was renamed OnePath later that year. David Hisco became chief executive of ANZ New Zealand in 2010, succeeding Jenny Fagg. The decisive branding change came in 2012. ANZ announced that National Bank would be retired and that its New Zealand banking operations would be brought together under the ANZ identity. The legal company name changed to ANZ Bank New Zealand Limited. Technology systems were integrated in October 2012, after which customers could use branches carrying either identity during the transition. National Bank branches were subsequently converted to ANZ branding before the relevant trademark licence expired. OnePath later became ANZ Investments in 2013. During the 2010s, ANZ continued developing investment, digital, payments and capital-markets capabilities. It received approval for ANZ India branches in 2014 and announced an exchange-traded-funds venture with ETF Securities in 2015. The bank announced the sale of its Direct Broking online sharebroking service in 2017; the transaction was completed in 2018, with the business moving to Jarden Securities while ANZ retained a strategic relationship. The bank’s governance and regulatory history became more prominent from 2019. The Reserve Bank of New Zealand removed ANZ’s accreditation to use its internal capital model after identifying persistent shortcomings in controls and assurance. A review attributed the failure to weaknesses including diffuse accountability and inadequate compliance processes. In the same year, Antonia Watson replaced David Hisco after an internal review raised questions about unauthorised personal expenses and a property transaction involving his family. In 2020, ANZ sold UDC Finance to SBI Shinsei Bank. The bank has continued operating as a major New Zealand financial institution under the ANZ Group, with regulation, customer conduct, digital transformation and risk controls remaining central to its development.
- 2020
UDC Finance is sold
[1]ANZ sold UDC Finance to SBI Shinsei Bank.
- 2019
Internal capital accreditation is withdrawn
[1]The Reserve Bank of New Zealand removed ANZ’s accreditation to set and manage capital requirements through its internal model.
- 2012
National Bank is unified under ANZ
[1]The National Bank brand was withdrawn and the company was renamed ANZ Bank New Zealand Limited as the two banking operations were brought together.
- 2003
National Bank of New Zealand is acquired
[1]ANZ purchased National Bank of New Zealand from Lloyds TSB, adding a major New Zealand banking franchise.
- 1999
Internet banking launches
[1]ANZ launched internet banking services in New Zealand.
- 1989
PostBank is acquired
[1]ANZ acquired PostBank from the New Zealand Government following the separation and preparation of the Post Office banking business for privatisation.
- 1970
ANZ Banking Group is created
[1]Australia and New Zealand Bank merged with the English, Scottish and Australian Bank, creating ANZ Banking Group.
- 1951
Australia and New Zealand Bank is formed
[1]The Union Bank of Australia merged with the Bank of Australasia to form Australia and New Zealand Bank.
- 1840
Union Bank of Australia establishes a New Zealand presence
[1]The Union Bank of Australia agreed to accompany settlers and opened a branch in the Wellington area, establishing an early predecessor presence in New Zealand.
Products and positioning
A full-service major New Zealand bank for households, businesses and institutional customers, combining national-scale banking with digital, branch and specialist financial-services channels.
retail banking
Personal banking
Personal banking covers everyday transaction accounts, savings, term deposits, personal loans, credit cards and related payment services for individuals and households. Customers access these services through branches, contact centres, ATMs and digital channels. The product line is the principal consumer-facing part of ANZ’s New Zealand business and is designed to support routine money management as well as borrowing and saving.
residential lending
Home loans
ANZ provides residential mortgage lending for home purchase, refinancing and related household borrowing needs. Home loans are a core component of the bank’s retail balance sheet and are supported by online information, application processes, relationship-based assistance and broader transaction-account services.
business banking
Business banking
Business banking serves companies and commercial operators with accounts, payments, lending, overdrafts, cash management and other services required for day-to-day operations. The offering spans smaller businesses and larger commercial customers, with specialist support for financing and transactional requirements.
institutional banking
Institutional banking
Institutional services support larger organisations and public-sector or corporate customers through transaction banking, payments, lending, markets and financial-management capabilities. These activities connect the New Zealand business to ANZ Group expertise and regional banking relationships.
digital banking · 1999
Digital banking
ANZ provides online and mobile services for account management, payments, transfers, card administration and selected lending and service functions. Internet banking began in 1999 and a mobile application was launched in 2008, making digital channels an established complement to branches and telephone banking.
investment management · 2013
ANZ Investments
ANZ Investments is the group’s New Zealand investment-management business, developed from the former ING New Zealand and subsequently OnePath operations. It manages investment and retirement-savings products, including KiwiSaver-related schemes, and forms part of ANZ’s broader wealth-management proposition.
wealth management
Private banking
Private banking provides wealthier and internationally oriented customers with investment-management services, personal and property lending, foreign-currency accounts and assistance for investment-related financial needs. It extends ANZ beyond standard retail banking into tailored wealth and lending relationships.
insurance services
Insurance distribution
ANZ distributes selected insurance products through relationships with external insurers. Reported product categories have included life and living insurance, house and contents cover, motor insurance and travel insurance. The bank has also changed its credit-card repayment-insurance practices and stopped accepting new policies in that category from 2020.
Controversies
2025
Fair-dealing law penalty
ANZ agreed to pay a New Zealand Government penalty concerning two alleged breaches of fair-dealing laws occurring between 2012 and 2023.
2019
David Hisco expenses and property controversy
An internal review found that former chief executive David Hisco had charged chauffeur-driven cars and wine storage as expenses without authorisation and had taken steps that made detection less likely. Separately, ANZ had bought an Auckland property and rented it to Hisco without charge before selling it to his wife. Deloitte did not find ANZ wrongdoing in the transaction, but the Financial Markets Authority concluded that the sale should have been disclosed in financial statements.
2019
Reserve Bank capital-controls censure
The Reserve Bank of New Zealand withdrew ANZ’s accreditation to use its internal model for setting capital requirements after persistent failures in controls and attestation processes. A subsequent review identified complacency, weak accountability and inadequate assurance as contributing factors.
Credit-card repayment insurance failures
The Financial Markets Authority alleged that ANZ issued duplicate credit-card repayment-insurance policies and failed to cancel policies for customers who were not eligible. Customers with duplicate policies paid for cover that offered no additional benefit. ANZ apologised, compensated affected customers and faced High Court proceedings.
Marketing campaigns
- 2020COVID-19 community support
New Zealand · Pacific
During the COVID-19 pandemic, ANZ provided donations to organisations including Women’s Refuge, Age Concern New Zealand, the Salvation Army, the Red Cross and local Pacific charities, alongside support for cricket and netball.
Outcome. Community and sporting relief funding.
- 2016Rio 2016 Olympic Games mobile campaign
New Zealand
ANZ and the New Zealand Olympic Committee developed a cross-platform mobile application and promotional campaign around the 2016 Olympic Games. The campaign used prominent ANZ branding and was reported to have increased brand consideration by two basis points.
Outcome. Reported increase in brand consideration.
Brand decisions
2020
Sell UDC FinanceM&ABackground
ANZ reviewed its portfolio of specialist financial businesses and decided to exit ownership of UDC Finance, a vehicle-finance provider.
Action taken
UDC Finance was sold to SBI Shinsei Bank.
Aftermath
UDC ceased to be an ANZ subsidiary, narrowing ANZ New Zealand’s directly owned specialist-finance portfolio.
Sale price. NZ$794 million (2020)
2018
Sell Direct BrokingM&ABackground
ANZ announced that it would dispose of its online sharebroking service as part of a focus on its core banking and financial-services activities.
Action taken
Direct Broking was sold to First NZ Capital, now associated with Jarden Securities, with completion reported in December 2018.
Aftermath
ANZ no longer owned the online broking brand but retained a strategic alliance with it.
2013
Rename OnePath as ANZ InvestmentsStrategyBackground
ANZ had acquired full ownership of ING New Zealand in 2010 and renamed the business OnePath later that year. The investment operation was subsequently brought closer to the ANZ identity.
Action taken
OnePath was rebranded as ANZ Investments.
Aftermath
Investment management became more visibly integrated with the ANZ New Zealand financial-services proposition.
2012
Unify National Bank under the ANZ brandStrategyBackground
ANZ had owned National Bank of New Zealand since 2003, but the two businesses continued operating with separate customer-facing identities. The group decided to consolidate the New Zealand franchise and retire the National Bank trademark.
Action taken
The company renamed itself ANZ Bank New Zealand Limited, integrated core technology and progressively converted National Bank branches and customer touchpoints to ANZ branding.
Aftermath
ANZ became the single principal retail brand for the group’s New Zealand banking operations, while the National Bank identity was withdrawn.
Recent events
- Unconfirmed
CHEP Tech and ANZ NZ partner to launch anz.co.nz[3]
Reported:
CHEP Tech partnered with ANZ NZ to launch anz.co.nz.
ANZ NZ appoints Ben Kelleher as managing director[4]
Reported:
ANZ Bank New Zealand appointed Ben Kelleher as managing director of retail and business banking, effective immediately. He replaces Antonia Watson in the role.
Expensify partners with ANZ New Zealand[5]
Reported:
Expensify announced a partnership with ANZ New Zealand to streamline importing ANZ card transactions into Expensify for expense management and reconciliation. The partnership offers ANZ business customers faster card-feed setup, real-time transaction imports and automatic reconciliation.
Sources5 sources
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