PSIS co-operative bank launched

New Zealand's first co-operative bank is a reality.

PSIS has been registered as a bank by the Reserve Bank of new Zealand.

The new bank, 100% owned by its customers, will specialise in personal banking.

PSIS chairman Sir David Gascoigne said securing bank registration would not change the way the society operated, or its commitment to its customers.

“One change that our customers will notice from today is that our name will be different, as we’ll be called The Co-operative Bank.

“This name better reflects our distinct difference from other banks – the fact that we’re actually a customer-owned co-operative,” Sir David said.

“It also moves us strongly away from a long-held misconception that we do business only with public servants. In fact, we’ve been open to all New Zealanders since 1995.”

PSIS chief executive Dr Girol Karacaoglu said the co-operative model was hugely successful worldwide, particularly so during the current global economic crisis.
“At a time when investors’ faith has been shaken throughout the world, co-operatives have not only survived but thrived,” he said.

“People have been attracted and remained loyal to the conservative governance and risk management that’s part of the co-operative ethos. We exist solely for the benefit of our members, and their best interests are our number one priority.”

Becoming a member-owned bank ensured the society's relationship with its members remained unchanged and we’re not distracted by the need to satisfy shareholder returns, he said.

“We’ll be a bank driven by the values and heart of a co-operative,” Dr Karacaoglu said.

Two new directors – Steven Fyfe and Ross Wilson – have been appointed to The Co-operative Bank board with effect from tomorrow.

Mr Fyfe recently retired from the ANZ National Bank group, where he worked for 29-years. He was a director and chief financial officer for The National Bank from 1997-2004, and more recently he was deputy chief executive of ANZ National from 2009-2011.

Mr Wilson is a solicitor and mediator who has worked in a range of roles within a variety of trade unions since 1979, culminating in his role as president of the New Zealand Council of Trade Unions from 1999-2007. Mr Wilson has served on a number of boards, including as chairman of the Accident Compensation Corporation and as a director of Kiwi Rail Holdings Limited.

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10 Comments & Questions

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are heartland still applying for bank registration or has that process not started or still in the early days

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congrats PSIS, great to see the organisation moving forward in these tough times.

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Congratulations - well done!!

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I thought SBS Bank was a co-operative???

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Nope - its a mutual - but not a co-operative

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I wonder if this is the same PSIS bank that still owes me deposited money from the late 1970's

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I have a mate who banks with PSIS and in discussions with him, I fail to see any benefits that he gets, most if not all fees are similar to the rest, you can get better interest rates elsewhere without a problem, mortgages are the same as others, so who gets the benefits, and where do the profits go, they don't seem to be distributed to the owners via dividends or the like, so what is it all about, perhaps one of the Jurno's at NBR might like to do an investigative inquiry and give us the results?? and convince us that we should all bank with them??

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Great timing PSIS.

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To RJ Robert

As a former PSIS employee from the late 1970's I can assure you PSIS do not owe you any money. They went into statutory management in 1979 and came out of it a few years later. No depositer money was lost.

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If and when will PSIS application be available for android?

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