ANZ National Bank
From Wikipedia, the free encyclopedia
| ANZ National Bank Limited | |
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| Type | Public |
| Founded | 2004 |
| Headquarters | Wellington, New Zealand |
| Industry | Finance and insurance |
| Products | Checking accounts Insurance Stock brokerage Investment bank Asset-based lending Consumer finance |
| Employees | 9,000 |
| Website | www.anznational.co.nz |
ANZ National Bank Limited is New Zealand’s largest and most diverse financial services group. It is a subsidiary of Australia and New Zealand Banking Group Limited of Australia. Through a range of different brands, ANZ National provides the global reach and the breadth of expertise to help New Zealanders achieve their goals. ANZ National operates across the entire spectrum of financial services, including banking services, asset finance, investments and payment solutions.
ANZ National is represented by the following brands: ANZ, The National Bank, UDC Finance, EFTPOS New Zealand, Bonus Bonds and Direct Broking.
ANZ National is also a joint venture partner with financial services company ING, who provide the investment expertise behind the investment and insurance product range offered by our ANZ and The National Bank brands.
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[edit] Subsidiaries
- UDC Finance Limited - provides asset financing including financing for business vehicles and equipment.
- EFTPOS New Zealand Limited (ENZ), its agent for the supply of eftpos terminals and transaction systems to retailers and other businesses. Eftpos New Zealand Limited is one of two eftpos payments systems in New Zealand the other being Electronic Transaction Services Limited which, prior to the purchase of the National Bank of New Zealand by ANZ was equally held by National, ASB Bank, Westpac and the Bank of New Zealand.
- Direct Broking Limited, a sharebroking firm it purchased in 2006.
[edit] Shareholdings
- Interchange & Settlement Limited (ISL), the operator of the retail payment processing system used to conduct interbank transactions – 13%
- Visa New Zealand Limited (VNZL), who grants access to the Visa International network in New Zealand) – 16%
[edit] History
- 1840: Union Bank of Australia (UBA), a British bank with head office in London, agreed with the New Zealand Company to accompany settlers to New Zealand to provide them with banking services. UBA opened a branch in Petone, across the harbor from Wellington, where it transferred the branch shortly thereafter. Between 1840 and 1947 the Union Bank issued its own bank notes for circulation in New Zealand. These were initially issued under British law until 1844 when the New Zealand Governor signed an ordinance allowing the Bank to issue bank notes but required that these be a minimum of 1 pound and redeemable at demand for gold or silver.[1]
- 1848: The Governor withdrew Union Bank's right to issue bank notes and transferred these rights to the Colonial Bank of Issue (CBI). UBA notes in circulation were withdrawn and replaced with CBI bank notes. UBA objected, and every day it took whatever CBI notes it had received that day to the CBI and demanded redemption in gold; when UBA's customers wanted to withdraw money, the bank paid them in gold rather than CBI notes. This policy, when combined with previous confusion related to the issue of NZ Government debt, and support from the local commercial community, resulted in the CBI ultimately being shut down.
- 1848: UBA opened a branch in Auckland, and a small number of branches elsewhere in the country followed.
- 1856: UBC resumed issuing bank notes in New Zealand under an act of the New Zealand Parliament. (The Paper Currency Act 1856)
- 1864: Bank of Australasia, another London-based bank, opened branches in Auckland, Dunedin and Christchurch.
- 1951: UBA and the Bank of Australasia merged to become the Australia and New Zealand Bank.
- 1970: ANZ Bank merged with a third London-based bank, the English, Scottish and Australian Bank, to form ANZ Banking Group.
- 1976: ANZ moved its corporate headquarters to Melbourne, Australia.
- 1979: An Act of Parliament permitted ANZ to incorporate its branches in New Zealand as ANZ Banking Group (New Zealand) Ltd. ANZ sold 25% of the shares to the public.
- 1983: ANZ opened its New Zealand head office in Wellington. [2]
- 1989: ANZ bought PostBank (the Post Office Savings Bank) from the New Zealand government in a privatization. Two years earlier the Government had separated the Post Office's banking business into a separate entity to prepare it for sale.
- 2003: ANZ bought National Bank of New Zealand from Lloyds TSB.
[edit] External links
Sources:
- [3] Application by ANZ Banking Group New Zealand Limited for clearance of a proposed business acquisition - Public Version, New Zealand Commerce Commission, Wellington 13 August 2003.
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