Private company

Bank of New Zealand

Logo: Bank of New Zealand, Public domain, via Wikimedia Commons4

Financial institution in New Zealand

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.2 It is headquartered in Auckland.1 Wikipedia text CC BY-SA 4.0

Last updated Oct 20, 2026.

Overview

Jul 29, 1861Founded1
  • Industryeconomics of banking, financial sector, financial services1
  • HeadquartersAuckland1
  • Websitewww.bnz.co.nz
  • Legal formLimited Liability Company3
  • LEIN7LGVZM7X4UQ66T7LT743
  • StatusActive3
  • LEI statusIssued and current3
  • Registered addressLEVEL 4, 80 QUEEN STREET, 1010 Auckland, New Zealand3
  • Registered withCompanies Office (Ministry of Business Innovation and Employment), 4288493

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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.2

Corporate structure

Bank of New Zealand is part of a group headed by National Australia Bank. 14 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

  • National Australia Bank Melbourne, Australia
    • Bank of New Zealand Auckland, New Zealand
      • BNZ INTERNATIONAL FUNDING LIMITED Subsidiary · Auckland, New Zealand
    • NATIONAL AUSTRALIA BANK EUROPE S.A. Paris, France
    • Clydesdale Bank Subsidiary · Glasgow
    • Great Western Bank Subsidiary · Sioux Falls
    • MLC Limited Subsidiary
    • Yorkshire Bank Subsidiary · Newcastle Upon Tyne, United Kingdom
    • JBWERE LTD Subsidiary · 100% · Melbourne, Australia
    • NATIONAL EQUITIES LIMITED Subsidiary · 100% · Melbourne, Australia
    • ao da li ya guo min yin hang you xian gong si shang hai fen hang (澳大利亚国民银行有限公司上海分行) Subsidiary · 上海市, China
    • CBSS Millennium Series BB Trust Subsidiary · Melbourne, Australia
    • NAB INVESTMENTS LIMITED Subsidiary · London, United Kingdom
    • NABSECURITIES, LLC Subsidiary · New York, New York, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries, stakes and holdings from Wikidata (CC0). Each entity in the chart links to its source.

The story

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. 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.

In 1862, branches opened in Wellington, Christchurch, and London. The bank gained the banking account of the New Zealand Government from the Union Bank of Australia, and became an agent to raise debt in the United Kingdom for the government. In the 1860s and 1870s capital was brought into New Zealand by the government and others. There was plenty of employment, development moved quickly and very good prospects brought property prices to high values.

In the 1880s prices of staple products fell very low, the rabbit pest cut wool production, and the government cut expenditure on public works by 75 per cent. Land fell to half its former value and was impossible to realise, many runholders and businessmen were ruined and the working classes were unable to purchase goods or pay their debts. There was no dairying or frozen meat industry. Investors withdrew their capital. The export of frozen meat began in the 1880s refer Canterbury Lamb and dairy products soon followed see Anchor butter. In June 1894 the BNZ saved by legislation. In 1895, the BNZ took over the Colonial Bank of New Zealand, which was in crisis.

20th century timeline

1940 (1940): £1 million interest‑free loan provided to the Government as a war contribution; the number of women employed by the company rises from 74 to more than 700 by 1945.

1943 (1943): Mobile branch opened in a caravan for American servicemen; night banking introduced in Auckland and Wellington.

1944 (1944): Personal loans department opened; Government announces intention to nationalise the bank.

1945 (1945): Nash Government introduces the Bank of New Zealand Bill; once passed, the Government pays £7,933,000 in cash, transferable stock, and tax‑free stock to the Bank’s 8,500 shareholders for their shares, with an average holding of 495 shares.

1966: First computer purchased, an IBM 360/30 with a 16k memory; Databank Systems Ltd set up in 1967 with the National Bank of New Zealand; the other three trading banks join in 1968.

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1978: Visa debit card introduced.

1980: Visa credit cards introduced.

1984: BNZ Centre completed on Willis Street, Wellington.

1985: Eftpos introduced through petrol stations in a pilot programme.

1987: Bank floated on sharemarket with a 15% stock offering.

1989: Government reduces its share to 51% by selling 34%, with 30% sold to Capital Markets Ltd, and the remainder to the general public

1990: Government bail-out of $380 million to avoid collapse. Incoming prime minister Jim Bolger was told on the Sunday after the 1990 election that the bank "has to report by Friday and if it’s not given support by then, it will collapse" (because of Australian loans). It held "40 per cent of the commercial paper in New Zealand. So if it collapsed, half of New Zealand’s companies would have collapsed".

1992: National Australia Bank (NAB) purchased the BNZ, which becomes a subsidiary of the Australian bank, but retains local governance with a New Zealand board of directors.

1992: First call centre opened in Auckland.

1998: Head office moves to Auckland.

1999: BNZ launched internet banking.

1999: BNZ Private Banking network launched.

At some point, the business entity known as 'Bank of New Zealand in Australia' (BNZA) was absorbed by NAB.

21st century

In 2000, there were 192 branches and 5562 staff.

On 1 October 2008 the bank rebranded itself as "BNZ", with a change in logo and colours.

As of 2013 the bank employed over 5,000 people in New Zealand.

In 2020, BNZ announced the closure of 38 branches over the following seven months as a result of the economic effects of the COVID-19 pandemic in New Zealand.

As of June 2022, BNZ is the second largest bank operating in New Zealand, with a market share of 19.1%.

In mid-June 2026, the Financial Markets Authority fined BNZ $2.6 million for misleading customers about how interest was calculated on some non-profit accounts.

From Wikipedia’s article on Bank of New Zealand, shared under CC BY-SA 4.0.5

Products and brands

  • retail banking

Listed on Wikidata.1

Core business functions

Retail banking

For retail customers, Bank of New Zealand offers a range of products and services that include savings and investments, home loans, credit cards, personal loans, insurance and international and migrant banking. Customers are able to bank using telephone banking, internet banking or by visiting one of 180 branches around New Zealand.

Business

Business banking at Bank of New Zealand has been branded BNZ Partners and provides a full range of banking services for small, medium and large businesses.

Services include transactional bank accounts, investments, loans and finance, card and payment, insurance and international banking services for businesses dealing with exports, imports and foreign exchange.

Bank of New Zealand’s business banking division provides banking staff with specialist knowledge of various industry sectors consisting of agribusiness, medical, professional, property, not-for-profit, franchising and iwi.

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Institutional

Bank of New Zealand’s institutional banking division provides wholesale banking services for large corporate, financial institutions and government entities. These cover a wide range of sectors, including primary industries; manufacturing and retailing; energy; utilities; telecommunications and infrastructure; property; local government; health; and education.

In December 2010, BNZ was appointed as lead arranger for the newly formed Auckland Council’s $600 million syndicated bank loan facility. In June 2010, BNZ was awarded the contract to provide the Auckland Council with comprehensive transactional services and over-the counter services.

Operations

Main management and administration functions for Bank of New Zealand are located in Wellington and Auckland and the bank operates a nationwide network of 180 retail stores and business centres (branded as Partner Centres).

From Wikipedia’s article on Bank of New Zealand, shared under CC BY-SA 4.0.5

Subsidiaries and ownership

Parent company

From Wikidata.1

Timeline

  1. Oct 14, 2017Parent Directly consolidated by National Australia Bank3
  2. Jul 29, 1861Founded Founded1

Sources

The numbers on this page point here. Each one links to the record it came from.

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