By The largest banks in New Zealand also happen to be major banks in Australia. Hence, it’s no surprise that their operational systems run in both Australia and New Zealand to facilitate transactions.
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The size of a bank can be determined by asset ownership, which allows us to rank banks from the largest to the smallest. With numerous banks spread across cities, it’s convenient for transactional needs and loan applications.
Largest Banks in New Zealand
1. ANZ (Australia and New Zealand Banking Group Limited)
ANZ, headquartered in Melbourne, Victoria, Australia, is the second-largest bank in Australia based on assets and the fourth-largest based on market capitalization. Its operations in Australia dominate commercial and retail banking.
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ANZ is also the largest bank in New Zealand, legally operating as ANZ National Bank in 2003 and rebranding as ANZ Bank New Zealand in 2012. From 2003 to 2012, it operated under two brands in New Zealand: ANZ and National Bank New Zealand.
2. Bank of New Zealand
Established in 1861 with its first branch in Auckland, Bank of New Zealand is one of the four major banks in New Zealand. In 1992, it was acquired by the National Australia Bank but retained local management. It ranks as the second-largest bank in New Zealand with a market share of 19.1%.
3. ASB Bank
ASB Bank, commonly known as ASB, operates as a subsidiary of the Commonwealth Bank of Australia in New Zealand. It provides various financial services, including business and retail banking, fund management, rural banking, and insurance through its subsidiary, Sovereign Limited. ASB was founded in 1847 as Auckland Savings Bank.
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4. Westpac Banking Corporation
Founded in Sydney in 1817, Westpac Banking Corporation, also known as Westpac, is a multinational financial services company headquartered in Sydney, New South Wales, Australia. It is one of the four largest banks in Australia and the oldest bank in Australia.
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5. Reserve Bank of New Zealand
Established in 1934, the Reserve Bank of New Zealand is the central bank of New Zealand. Its current governor is Adrian Orr, responsible for New Zealand’s currency and operational monetary policy. The Reserve Bank of New Zealand does not provide financial services to the public or offer deposit insurance. It was established under the Reserve Bank of New Zealand Act 2021.
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These are some of the largest banks in New Zealand with operational systems similar to those in Australia and significant asset ownership. These banks have been providing financial services to the people of New Zealand for a long time, ensuring convenience for transactions and loan services.
