TSB Bank Ltd(originally known as theTaranaki Savings Bank) trading asTSB,is a New Zealandbankwith headquarters inNew Plymouth.It has 25 branches across the country but is heavily focused on theTaranakiregion where 12 of its branches are located. As of June 2022, it was the seventh largest bank in New Zealand, with a market share in terms of assets of 1.4%.[1]
 | |
| Company type | Trustee bank |
|---|---|
| Founded | 28 September 1850 |
| Headquarters | New Plymouth, New Zealand |
Key people | Kerry Boielle, CEO |
| Products | Banking and financial services |
| Rating | A- (Fitch;as of November 2024) |
| Website | www |
It providesretail bankingand related financial services to individuals and companies. It was originally one of twelve trusteebanks in New Zealand,but when nine banks decided to amalgamate asTrust Bank,TSB Bank stood aside and remained an independent institution and has since expanded its business across the country. The bank is owned by the Toi Foundation (formerly the TSB CommunityTrust) which distributes the income it receives from the bank back into the New Zealand community.
TSB also operates TSB Foreign Exchange from 14 branches around the country.[citation needed]
History
editThe New Plymouth Savings Bank was established in 1850 and received its firstdepositon 28 September 1850 from Waitera te Karei with a deposit of £34. At the time the bank's accountant was paid an annual salary of £20, so the deposit was a considerable sum. Eight years later the bank fell under the auspices of theSavings Bank Act 1858designed to regulate the savings bank market.
In 1921 a second branch was opened inFitzroy,and a third inWaitarain 1946. In 1964 the first central Taranaki branch opened inStratford,combined with a name change to Taranaki Savings Bank.
With the loosening ofregulationson banking in the 1970s, the Bank's position was sufficiently sound for it to take maximum advantage of its new found freedom. In 1975, Taranaki Savings Bank was the first bank to offer free, interest-bearing cheque accounts and in 1981 the bank pioneered New Zealand'sATMCashflow network with one ATM installed in each of theHāwera,Fitzroy,New Plymouth Cityand New Plymouth City Centre (now TSB Centre) branches.
In 1984 and again in 1986 the bank rejected the branding adopted by the other eleven trustee banks across New Zealand, and in 1988 when the trustee banks were corporatised under the Trustee Banks Restructuring Act 1988[2]the bank stood aside from the merger into a singleTrust Bank,remaining (along withASB Bank LtdandWestland Bank) fiercely independent. The savings bank was vested as a limited liability company (under the name Taranaki Savings Bank Limited) on 9 September 1988, nine days after the other 13 trustee banks were vested in their successor companies.[3]In 1989 it changed its name to TSB Bank Ltd.[4]
TheFrankleigh Parkbranch was closed in 2012,[5]theMerrilandsbranch on 25 July 2014,[6]and the City branch in October 2014.[7]The City branch building was 83 years old but assessed to be an earthquake risk. This building was the bank's former headquarters and still bore the old name "New Plymouth Savings Bank".
In addition to banking TSB Bank Ltd operated TSB Realty from about 1990, with three branches inŌkato,Bell Blockand New Plymouth. Bayleys Taranaki bought TSB Realty in October 2020.[8]
In late August 2024, theCommerce Commissionfined TSB Bank nearly NZ$2.5 million for overcharging customers about NZ$3.6 million through unreasonable credit and default fees between 2015 and 2021. TSB blamed system failures for the overcharging and said it had compensated affected customers.[9]
Sponsorship
editTSB Bank sponsors a number of organisations and has naming rights to many of them. Some of these include:
- TSB Bank Wallace Arts Centre, which opened in 2010 atPah Homesteadin Auckland. It houses the James Wallace Art Trust's collection of New Zealand art, which is valued atNZ$50 million.[10]
- TSB Bank Festival of Lights[11]
- TSB Bank New Zealand Surf Festival[12]
- TSB Stadium[13]
- TSB Showplace[14]
- TSB Bank Arena[15]
Ownership
editOwnership of TSB Bank remains vested in the Toi Foundation (formerly named TSB CommunityTrust,[16]) with all profits staying in New Zealand.
References
edit- ^Bank Dashboard
- ^"Trustee Banks Restructuring Act 1988".Knowledge Basket.
- ^"Trustee Banks Restructuring Act Repeal Act 1999".New Zealand Legislation.New Zealand Government.Retrieved11 January2014.
- ^"Our Story".TSB Bank.
- ^Anthony, John (21 August 2012)."Shift to Online Banking Spells End for Branch".Taranaki Daily News.
- ^Strongman, Susan (20 June 2014)."Merrilands TSB Bank branch to close".Taranaki Daily News.
- ^"TSB Bank's City branch to close".www.tsbbank.co.nz.TSB Bank. Archived fromthe originalon 11 December 2014.Retrieved5 December2014.
- ^Ockhuysen, Stephanie (30 September 2020)."Bayleys Taranaki to take over TSB Real Estate in October".Taranaki Daily News.
- ^"TSB Bank fined nearly $2.5m by Commerce Commission for overcharging customers".RNZ.27 August 2024.Archivedfrom the original on 27 August 2024.Retrieved28 August2024.
- ^"Introducing the TSB Bank Wallace Arts Centre".City Scene. 29 March 2009. p. 1. Archived fromthe originalon 21 September 2010.Retrieved7 April2009.
- ^"TSB Bank Festival of Lights".
- ^"Surf Festival".Archived fromthe originalon 6 December 2014.
- ^"New Plymouth Event Venues".New Plymouth District Council.
- ^"TSB Showplace".New Plymouth District Council.
- ^"TSB Bank Arena".Positively Wellington.
- ^"TSB Trust".
