TSB Bank (New Zealand)
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| Trustee bank | |
| Founded | 28 September 1850 |
| Headquarters | New Plymouth, New Zealand |
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Key people
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Kevin Murphy MD/CEO |
| Products | Banking and financial services |
| Website | www |
TSB Bank (originally known as the Taranaki Savings Bank) is a New Zealand bank with headquarters in New Plymouth. It has 26 branches across the country but is heavily focused on the Taranaki region where 12 of its branches are located.
It provides retail banking and related financial services to individuals and companies. It was originally one of twelve trustee banks in New Zealand, but when nine banks decided to amalgamate as Trust 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 TSB Community Trust which distributes the income its receives from the bank back into the New Zealand community.
In addition to banking TSB Bank Ltd operates TSB Realty, with three branches in Okato, Bell Block and New Plymouth. TSB also operates TSB Foreign Exchange from 14 branches around the country.
The New Plymouth Savings Bank was established in 1850 and received its first deposit on the 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 the Savings Bank Act 1858 designed to regulate the savings bank market.
In 1921 a second branch was opened in Fitzroy, and a third in Waitara in 1946. In 1964 the first central Taranaki branch opened in Stratford, combined with a name change to Taranaki Savings Bank.
With the loosening of regulations on 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's ATM Cashflow network with one ATM installed in each of the Hawera, Fitzroy, New Plymouth City and New Plymouth City Centre (now TSB Centre) branches.
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Wikipedia