Banking Correspondent
The Banking Desk covers the Australasian banks operating in NZ — ANZ, ASB, BNZ, Westpac, Kiwibank — plus non-bank lenders, capital, profitability, and how OCR moves transmit through to mortgage and term deposit rates.
Westpac New Zealand has scrapped merchandise redemptions from its hotpoints credit cards after only 7 percent of points were used that way, shifting customers toward merchant-funded cashback offers that sit outside the bank’s classic points P&L.
ANZ cut 85 bank ATMs over two years and Westpac cut 54, as free cash access thins and private machines charge about $2.50 a withdrawal ahead of RBNZ’s September cash findings.
New Zealand recorded 111 mortgagee sales in the second quarter of 2026. The figure stands well below the peaks recorded during the global financial crisis.
Financial mentors now spend 40 percent of their time helping clients apply for KiwiSaver hardship withdrawals to cover basic living costs.
ANZ Bank New Zealand will appeal a High Court decision that found it breached mortgage variation disclosure rules, exposing the bank to potential liability of up to $125 million across roughly 17,000 customers.
Kiwibank raised its nine-month term deposit rate by 15 basis points to 3.55 percent and its one-year rate by five basis points to 3.9 percent on 28 May 2026, becoming the first major bank to adjust offerings after the Reserve Bank held the official cash rate steady at 2.25 percent.
Around 43 percent of New Zealand residential mortgage debt will reprice in the next six months, driving many households toward higher costs even while the Reserve Bank holds the Official Cash Rate at 2.25 percent.
ASB Bank forecasts inflation above 4 per cent for the rest of 2026, citing supply-chain effects from the Middle East conflict that prompted the Reserve Bank to hold the official cash rate at 2.25 per cent in April.
No New Zealand bank has met Consumer NZ's threshold for its People's Choice award for customer satisfaction in 2026, the first time this has occurred in ten years.
Bank of New Zealand appointed receivers on 11 May 2026 to 92,902 shares in Dairy Goat Co-operative held by King Country Partnership (2013) Limited Partnership, together with all associated milk supply rights.
Independent economist Michael Reddell said he blanched at NZ First leader Winston Peters' threat to buy back the Bank of New Zealand from National Australia Bank and merge it with Kiwibank.
New Zealand's four largest retail banks have joined Visa's Agentic Ready programme and can now handle AI-driven agent-initiated payments using existing tokenisation and risk controls.
