News archive

The Co‑operative Bank sharing $2.5 million in profit with customers

18 July 2023

Customers of The Co‑operative Bank across New Zealand will have more money in their pockets this week, as the bank pays out $2.5 million in rebates.

Unlike other banks in New Zealand that are often owned by overseas investors and entities, The Co‑operative Bank is owned by its customers, who are the shareholders. It is the only NZ bank that shares profits with customers as rebates. 

Last month The Co‑operative Bank announced an underlying profit before rebates and tax of $20.6m and committed to returning $2.5 million of this to eligible customers via a rebate. This takes the total paid to customers since the rebate initiative began in 2013 to $20 million.  

Chief Executive Mark Wilkshire says the rebates are about sharing success with customers. 

“Because we’re customer owned, making sure our customers have more money in their pockets is a priority. Providing rebates is an important way that we share in our success and demonstrate our commitment to our customers. 

“We believe that there is a better banking model that works alongside customers and supports our customers to have greater financial security,” Wilkshire says.

“At The Co‑operative Bank, success is not singularly about profit. It’s about our customers, our communities and the enduring relationships we forge with them over their lives. For us, banking better means helping people into their homes, helping to protect them and their assets, and sharing the success as a bank along the journey and throughout their life.” 

No need to compromise service for value says Co‑operative Bank CEO

14 June 2023

The Co‑operative Bank CEO Mark Wilkshire says he’s proud of the results that have been confirmed today because they demonstrate that New Zealand banking customers can have excellent service without having to compromise on the value they receive from their bank.

The Directors have today released the Annual Report and Disclosure Statement for the year ended 31 March 2023.

Highlights include being rated first in all 13 service categories in the Consumer People’s Choice Award as well as 8% growth in mortgage lending and 5% growth in deposits.

The bank posted an underlying profit before rebates and tax of $20.6m which Wilkshire says is a ‘fair and reasonable profit’, of which $2.5m will be returned to customers via a rebate, adding to the $17m returned to customers since 2013.

“Because our customers are our owners, they are our top priority.” Wilkshire says. ”Not having overseas shareholders whose main interest is in maximising their own return has enabled The Co‑operative Bank to focus on offering fair, competitive rates on both lending and deposits, making it possible for our customers to get both award winning service and a very competitive price.”

Wilkshire says that The Co‑operative Bank is built around a purpose of growing together and sharing the gains with customers, and that more New Zealanders could benefit from a better way to bank.

“Our focus is on building long term relationships with our customers, supporting them into their homes and through retirement".

“This year the bank has grown the depth of their customer relationships, with more customers using The Co‑operative Bank for multiple products and services, as well as helping New Zealanders into their first homes through our First Home Loans product.”

The Co‑operative Bank has been B Corp certified since January 2021 and business operations are carbon neutral for the third year in a row. This year, in partnership with the environmental agency Toitu, the bank is also a certified net carbon-zero organisation.

*Underlying result excludes valuation gains and losses on financial instruments.

View the FY23 Annual Report and Disclosure Statement here

For more information, please contact:

Catherine Bateman
catherinebateman@co-operativebank.co.nz
021375632

About The Co‑operative Bank

The Co‑operative Bank is the only bank in New Zealand that is directly owned by and shares its profits with, its customers. We offer what you’d expect from a bank – accounts, lending, insurances and more but we’re truly different from other banks in that we share profits with our customers. Since 2013 we have shared over $15m with our customer shareholders in the form of rebates. We have around 172,000 customers from all over New Zealand.

Changes to our Upper Hutt branch

11 May 2023

We have decided to merge our Upper Hutt and Lower Hutt branches and therefore the Upper Hutt branch will be permanently closed from 30 June 2023.

As our digital offering grows, customers are using our services differently, and many customer transactions are now done via internet banking, our mobile app, EFTPOS or ATMs. For customers choosing to use a branch for their banking, it is important we make sure that our branches are in a good position to serve their needs, offering certainty of opening hours and good staffing levels. Bringing the two branches together creates greater flexibility in staffing to ensure we are in the best position to serve the needs of customers who prefer to do their banking in a branch.

This is not part of a high-level plan to reduce the number of branches but is an individual review in response to specific circumstances.

Chair's letter (Board Composition, 2023 Director Election and advance notice of 2023 AGM)

13 March 2023

Dear Shareholders,

This message updates you about the composition of The Co‑operative Bank Limited Board, the opening of nominations for the 2023 Director Election and provides advanced notice of the 2023 annual general meeting (AGM).

Board Composition

The Board of Directors’ role is to govern the company, a regulated bank, on your behalf. As such, the Board needs to collectively hold the appropriate experience, qualifications, and competencies to effectively undertake its significant responsibilities.

2023 Director Election – Nominations open

Our Constitution requires two directors to retire by rotation at the AGM.

The directors retiring by rotation are Helen van Orton (who is also a director of Co‑operative Life Limited) and Brett Sutton (Deputy Chair and Chair of the Audit Committee). Both have confirmed they are willing to stand for re-election and the Board strongly endorses their nominations and re-appointment.

Notwithstanding the Board’s recommendation, shareholders have the opportunity to nominate potential directors. The requirements sought from candidates and other important information relating to the Director Election is available at www.co-operativebank.co.nz/agm2023.

Nominations open on Monday 13 March 2023 and close at 5pm on Wednesday 5 April 2023.

Directors are elected by an ordinary resolution of eligible Class A Shareholders, which is conducted by online voting in advance of the AGM.

2023 AGM

Our AGM will be held at 5.30pm, Wednesday 2 August 2023 in Wellington and online. Further information on how you can vote and participate in the AGM will be issued in June.

Thank you for your continued support of The Co‑operative Bank.

Kind regards,

Sarah Haydon

Chair of the Board of Directors
The Co‑operative Bank Limited

Business update for the six months to 30 September 2022

30 November 2022

Dear Customer Shareholders,

Today we announced our financial results for the half-year ended 30 September 2022.

Our reported net profit after tax was $9.97m comprising an underlying result of $5.68m and non-cash gains of $4.28m (after tax).

The underlying result was down by $3.58m compared to the same period in the prior year as we absorbed increased compliance and technology costs and loan impairment expense increased.

The non-cash gains of $4.28m after tax relate to changes in the valuation of interest rate swaps. These swaps hedge the Bank’s interest rate risk which they have done very effectively during the period. However, rapidly increasing interest rates have resulted in significant accounting gains where these swaps are measured at market value, a portion of which is recognised in earnings. These are non-cash gains that are expected to reverse in future periods. On this basis the Board would as a matter of course expect to exclude such gains (or offsetting reversals) when considering customer rebates.

Continued high inflation, a rising interest rate environment, and increased cost of living have been the key trends over the last 6-months. As a co-operative with fairness as a core belief we have made a point of passing on interest rate changes in an even-handed manner. Between April and September there were four Official Cash Rate (OCR) rises of 0.50% each, an unprecedented increase of 2.00%. We have not passed on all of that 2% on to borrowers, increasing our floating home loan rate by a total of 1.70% during the same period.

We have seen strong balance sheet growth in lending, with our mortgage balances growing above market at 5.3%, and our deposits growing 2.5% in the last 6 months. A combination of market leading service, competitive pricing, and strong activity by our first home buyers and has led to an increase in growth.

Financial results for the six months to 30 September 2022

The financial highlights for the six months to 30 September 2022 compared to the six months to 30 September 2021 were:

• Growth in net interest income of 9.6% due to mortgage lending growth and increased industry interest margins.
• A reduction in fees and other operating income of 41.3% due to lending fee reductions, lower net card income, and reduced KiwiSaver commission with declining equity markets reducing funds under management.
• An increase in operating expenditure of 11.6% due to higher people, compliance and technology costs.
• An increase in bad debt provisioning of $789k, although realised bad debts expense remains low by historical standards.
• Underlying net profit after tax down by 39%.
• Total assets increased 2.0% from 31 March 2021 to $3.3 billion.

Regulatory updates

In August our Financial Advice Provider licence was approved and we have invested further in the ability to provide advice when customers need it.

As part of implementing new requirements under the Credit Contracts and Consumer Finance Act, we have reviewed historical credit-related fees charged in prior years and commenced a programme of repayments to customers where we have determined that historic fees charged exceeded the amount that could be charged in accordance with the Act. Customers affected are receiving notification and payment where appropriate in phases, the majority of these are being made over the second half of the financial year. These payments were provided for in the prior financial year to 31 March 2022.

Senior Leadership Team changes

In February 2023, Annette Natta, our General Manager Technology Infrastructure, will retire from the Bank after an impressive 50 years of dedicated service to The Co‑operative Bank. We acknowledge the life-long commitment that Annette has made and wish her all the very best for her well-deserved retirement.

Two internal appointments have been made with Fiona Murphy becoming Chief Technology Officer and Grant Allerby as Chief Risk Officer reflecting our strong talent and career opportunities for our people. We also welcomed Geoff Waller as the Chief Customer Officer.

I would like to thank our people and you, our customers, for your continued support. As a Co‑operative Bank we are committed to principles of fairness and returning value back to customers and we will continue to support our customers in this constantly changing environment.

Nga mihi nui,

Sarah Haydon
Chair, for and on behalf of the Board of Directors.

Planned system maintenance

11 August 2022

We’re undergoing planned system maintenance between 12.01am – 6.00am on 14 August 2022.

• You may experience some disruption to your usual Co-op services during this time, including to Internet Banking, Mobile App, Phone and Text Banking.
• For Debit Mastercards - Tap & Go will not work during this time.
• However ATMs and Eftpos will continue to work throughout this time if the card is inserted into a machine and your PIN is entered.

Thanks for your patience while we continue to improve our banking services for you.

Home loan rate and Savings rate changes update

18 July 2022

We have increased our Floating Home Loan rate applicable to new and existing loans. We are also increasing our saving account rates.

Our Floating and Revolving Credit lending rates will increase from 5.85% p.a. to 6.25% p.a.

These rates will be effective:

• Monday 18 July 2022 for new lending
• Wednesday 3 August 2022 for existing Floating Loan and Revolving Credit Facilities.

Our savings accounts interest rates are increasing on Wednesday 3 August 2022.

• Step Saver, with bonus interest, is increasing to 2.20% p.a.
• Youth and Tertiary accounts for balances between $0 - $4000 is increasing from 2.60% p.a. to 2.80% p.a.
• Online is increasing to 0.75% p.a.
• The Prize Draw Saver rate is increasing from 0.30% p.a. to 0.40% p.a.
• The Smile on Call rate for balances over $4,000 is increasing from 0.50% p.a. to 0.70% p.a.

See our full range of rates or please get in touch with us on 0800 554 554 for more information on these updates.

Interest rates are subject to change. For all lending products, The Co‑operative Bank fees, conditions, and lending and insurance criteria apply.

Annual General Meeting and Director Election 2022 - Summary of Event and Result

14 July 2022

The 2022 AGM was held via Zoom webinar on Wednesday 13 July 2022. The Notice of Meeting, Annual Report & Audited Accounts for the year ended 31 March 2022, and proposed notices of motion are available on our website. A summary of the meeting follows.

Board Chair Sarah Haydon, shared the Bank’s highlights for the financial year:

• The solid profit performance of $20m profit before rebates and taxes
• Provision of $5.8m for remediation of CCCFA issues
• Profit growth enabling $2.5m in customer rebates, in line with the previous year
• 2% growth in mortgages and 4% increase in customer deposits.
• Strong capital position and a credit rating of BBB (Fitch Rating Agency)
• Award winning customer service

Chief Executive Mark Wilkshire acknowledged the team at the Bank, in particular the SLT and long-serving team members. He went on to highlight:

• Our service differentiation including recent achievements of the Canstar award for customer satisfaction and Consumer NZ’s customer satisfaction survey.
• Continued focus on customers through provision of convenient and easy to use digital services, financial solutions and fair deals, and supporting customers in times of need.
• The Bank’s key priorities for FY23 and the economic environment in which they need to be delivered.

Nearly 2,300 shareholders voted in person or by proxy. The following resolutions were passed at the meeting;

1. To receive and consider the Annual Report and Audited Financial Statements for the year ended March 2022.
2. To re-appoint KPMG as The Co‑operative Bank’s external auditor for the year ending 31 March 2023 and authorise the Board to fix its remuneration.
3. To approve in accordance with the Constitution a total remuneration pool of $572,000 (excluding GST) per annum with effect from the year ending 31 March 2023.
4. To approve in accordance with the Constitution a total Electoral Authority remuneration pool of $22,500 (excluding GST) per annum with effect from the year ending 31 March 2023.

The results of the 2022 Director election were announced and existing Directors Sarah Haydon and Clayton Wakefield who retired by rotation (as required by the Bank’s Constitution) were re-appointed as Directors.

The Chair and Chief Executive answered questions from shareholders including those sent in advance of the meeting. Some of the themes of the questions covered: bank technology including paywave, cash withdrawal/deposit facilities at branches, voting methods, Forex licences and CEO challenges and priorities for FY23.

For further information, please contact:
The Company Secretary
The Co‑operative Bank Limited
Email: governance@co-operativebank.co.nz

Changes to our Fees - 14 June 2022

14 June 2022

We’re making a change to one of our Fair Rate Credit Card fees. This change is effective on and from 14 June 2022. To see a full list of all of our fees, please see www.co-operativebank.co.nz/fees.

The change you’ll notice in our Fees Brochure is:

Home loan rate change update

2 June 2022

We have increased our Floating Home Loan rate applicable to new and existing loans.

Our Floating and Revolving Credit lending rates will increase from 5.45% p.a. to 5.85% p.a.

These rates will be effective:

• Thursday 2 June 2022 for new lending
• Monday 20 June 2022 (for loans advanced on or after 1 August 1996) and effective 2 July 2022 (for loans advanced before 1 August 1996).

See our full range of rates or please get in touch with us on 0800 554 554 for more information on these updates.

Interest rates are subject to change. For all lending products, The Co‑operative Bank fees, conditions, and lending and insurance criteria apply.

Changes to our Fees - 19 April 2022

20 April 2022

We’re making a change to one of our Fair Rate Credit Card fees and are adding a previously unlisted Payment Recovery fee to our fees brochure. These changes are effective on and from 19 April 2022. To see a full list of all of our fees, please see www.co-operativebank.co.nz/fees.

The changes you’ll notice in our Fees Brochure is:

Changes to RWT tax certificates

6 April 2022

We’re making some changes to who we will send Resident Withholding Tax (RWT) certificates to this year.

Please note: with the IRDs introduction of the myIR system we’re no longer required to issue RWT certificates for all customers.

The key points you need to know are:

Board Composition, 2022 Director Election and advance notice of 2021 AGM

9 March 2022

Dear Shareholders

This message updates you about The Co‑operative Bank Board Composition, the opening of nominations for the 2022 Director Election and advanced notice of the 2022 AGM.

Board Composition

The Board of Directors’ role is to govern the company, a regulated bank, on your behalf. As such, the Board needs to collectively hold the appropriate experience, qualifications and competencies to effectively undertake its significant responsibilities.

Paul Goulter retired from the Board on 31 December 2021 after nearly twelve years of service. Paul, working with other past directors, has ensured that the beliefs which led to the creation of PSIS (the forerunner of the Bank) are permanently embedded in all our decision-making processes through our Core Foundations statement. We are very grateful for Paul’s significant contribution to The Co‑operative Bank and particularly to this enduring statement that sets out who we are, what we do, and the core beliefs that drive how we behave.

2022 Director Election

The Board, having considered the collective competencies and attributes required by the Board has determined that these can be met by the six current directors at this time.

In accordance with our Constitution, two directors are required to retire by rotation at the Annual General Meeting. These directors are Clayton Wakefield (Chair of the Technology Committee and a director of Co‑operative Life Limited) and Sarah Haydon (Chair of the Board). Both have confirmed they will stand for re-election.

The Board strongly endorses the nomination and re-appointment of existing directors Clayton Wakefield and Sarah Haydon to our shareholders in order to maintain a strong and experienced Board, noting that they are now our longest standing directors with six and seven years of service respectively. Both hold important chair positions in addition to being a director. With a new Chief Executive only recently joined, the Board considers that continuity is important at this time.

Notwithstanding the Board’s recommendation, eligible customer shareholders (individual Co-op Bank account holders aged 16 and over) have the opportunity to nominate potential directors for the two available positions on the Board. The attributes and competencies sought from candidates and other important information relating to the election are available at co-operativebank.co.nz/directorelection2022.

Nominations open on Wednesday 9 March 2022 and close at 5pm on Friday 1 April 2022.

Our independent Electoral Authority will assess all nominations against the 2022 Director Competencies and determine which nominees will go forward as candidates for the two director positions that will be available.

Voting information will be issued around the beginning of June. Voting will take place online, and be managed by independent Election Management Company, electionz.com.

2022 AGM

The results of the director election will be announced at our virtual AGM at 5.30pm, Wednesday 13 July 2022. Further information on how you can participate in the AGM will be issued soon. I hope we will see you then.

Thank you for your continued support of The Co‑operative Bank.

Kind regards,

Brett Sutton
Deputy Chair of the Board of Directors
The Co‑operative Bank Limited

Home loan rate change update

28 February 2021

We have increased our Floating Home Loan rate applicable to new and existing loans.

Our Floating and Revolving Credit lending rates will increase from 4.75% p.a. to 4.95% p.a.

These rates will be effective:

• Monday 28 February 2022 for new lending
• Friday 18 March 2022 for existing lending.

See our full range of rates or please get in touch with us on 0800 554 554 for more information on these updates.

Interest rates are subject to change. For all lending products, The Co‑operative Bank fees, conditions, and lending and insurance criteria apply.

Changes to our Fees - 28 February 2022

24 February 2022

We’re making a change to one of our home lending fees. These changes are effective on and from 28 February 2022. Please note, no other changes to any fees have been made. To see a full list of all of our fees, please see www.co-operativebank.co.nz/fees.

The key change you’ll notice in our Fees Brochure is:

Christmas opening hours update

15 December 2021

Our operating hours over the Christmas break will be as follows:

• Lambton Quay, Upper Hutt, Napier and Henderson branches are closed from 25th December and will reopen for normal hours on the 5th January 2022.
• Whangarei branch is closed between the 25th and 28th December and 1st and 4th January 2021. They will be open for reduced hours of 11:30am – 1:30pm on the 29th, 30th and 31 December 2021.
• All remaining branches* will be closed between the 25th and 28th December and 1st and 4th January 2021. They will be open on days in between for normal hours.
• Our contact centre will be closed 25th and 26th December and 1st and 2nd January 2022.
• Riccarton, Lower Hutt, Glenfield and Manukau will be open normal weekend hours on the weekend of 8th & 9th January 2022. Please note that as of 3rd January 2022, Riccarton branch will no longer open on Sundays.

*Glenfield, Gisborne, Hamilton, Hastings, Levin, Lower Hutt, Manukau, New Plymouth, Onehunga, Palmerston North, Paraparaumu, Riccarton, Rotorua, Taupo, Tauranga, Whanganui, Blenheim, Dunedin, Invercargill, Nelson, and Timaru

Riccarton branch ceasing Sunday trading

2 December 2021

We’re making some changes to the days of operation at our Riccarton branch.

As our digital offering grows, customers are using our services differently, and most customer transactions are now done via internet banking, our mobile app, EFTPOS or at ATMs.

From 3rd January 2022, we will no longer be opening on Sundays.

Staff will still be on hand to assist our customers over the phone, email and through our online channels.

The branch will be open as per normal between Monday to Saturday, and these hours remain unchanged.

For a full list of all of our branch hours, please visit our branches webpage.

Home loan rate change update

30 November 2021

We have increased our Floating Home Loan rate applicable to new and existing loans.

Our Floating and Revolving Credit lending rates will increase from 4.55% p.a. to 4.75% p.a.

These rates will be effective:

• Tuesday 30 November 2021 for new lending
• Thursday 14 December 2021 for existing lending.

See our full range of rates or please get in touch with us on 0800 554 554 for more information on these updates.

Interest rates are subject to change. For all lending products, The Co‑operative Bank fees, conditions, and lending and insurance criteria apply.

Changes to our Fees - 30 November 2021

30 November 2021

We’re making some changes to some of our personal lending, overdraft, and home lending fees. These changes are effective on and from 30 November 2021. Please note, no other changes to any fees have been made. To see a full list of all of our fees, please see www.co-operativebank.co.nz/fees.

Key changes you’ll notice in our Fees Brochure are:

Business update for the six months to 30 September 2021

30 November 2021

Dear Customer Shareholders,

Today we announced our financial results for the six months ended 30 September 2021. We reported another sound financial result, reflecting the growth in the Bank over recent years.

While the financial results are encouraging, we continue to face the challenge and uncertainty of Covid-19. As we went back into lockdown, our priority became supporting our people and our customers through this difficult time.

The processes that were put in place in the 2020 lockdown were able to be swiftly deployed in order to continue to meet customer needs remotely. This was greatly assisted by the changes that we made earlier this year to the way we handle incoming phone calls and by distributing these across our branch network. This enabled us to work more flexibly than in the past and minimise wait times for callers.

With continuing government support and a still active economy, we have so far seen a much lower number of hardship enquiries in this lockdown than was the case in 2020. We continue to work closely with our customers whose financial circumstances have changed to achieve the best outcome for them.

While much of the country was able to move to level 2 relatively quickly, for our staff and customers in Auckland and parts of the Waikato, this has been a much more difficult period. We are incredibly grateful for the way that our people have responded to these challenges.

Financial results for the six months to 30 September 2021

The financial highlights for the six months to 30 September 2021 were:* Growth in net interest income of 12.3% due to mortgage lending growth, changes in funding mix and expanding industry margins* Reduction in non-interest income of 2.1% due to higher life insurance claims* Increase in operating expenditure of 5.6% due to higher people and technology costs* Reduction in bad debts expense of 103% due to low levels of write offs and no need to raise additional doubtful debt provisions* Net profit after tax up 36.5%* Total assets increased 2.3% to $3.2 billion

Regulatory changes

We have seen a considerable shift in the regulatory landscape for the industry due to recent changes to the Credit Contracts and Consumer Finance Act (CCCFA) and the implementation of the Financial Services Legislation Amendment Act (FSLAA). These legislative changes have had a significant impact on our frontline staff and the way we interact with you, our customers.

For our lending customers, this will result in a more involved credit application process given the additional obligations the revisions to the CCCFA place on us and the more detailed information that we are now required to gather. This is not just an issue for The Co‑operative Bank but is a challenge that is being faced across the industry.

We have also made changes to the way that we provide financial advice as a result of FSLAA requirements, which you may notice in some of your interactions with us. While some of this may feel a little different, rest assured that we remain fully focused on helping you meet your financial needs

Senior Leadership Team changes

In October, after a thorough search process, we were delighted to appoint Mark Wilkshire as the new Chief Executive Officer. Mark will join us in January and will bring a wealth of banking and insurance experience, a strong drive to create innovative customer solutions and a passionate belief in the co-operative model.

In December, Amanda Jones-Allen, our General Manager Customer Banking, will retire from the bank. Amanda has led sales teams at The Co‑operative Bank for the last 28 years and the contribution she has made to the bank is immeasurable.

During this period of transition, the Board thanks Bevan Miller, our Chief Financial Officer for standing in as the Interim Chief Executive and for assuming temporary leadership of Customer Banking.

In closing, I would like to sincerely thank all our people for their dedication, adaptability and commitment to the customer through a difficult period, and to thank you, our customers, for your continued support of your Bank.

Nga mihi nui,

Sarah Haydon
Chair, for and on behalf of the Board of Directors.

Home loan rate change update

14 October 2021

We have increased our Floating Home Loan rate applicable to new and existing loans.

Our Floating and Revolving Credit lending rates will increase from 4.40% p.a. to 4.55% p.a.

These rates will be effective:

• Thursday 14 October 2021 for new lending
• Thursday 28 October 2021 for existing lending.

See our full range of rates or please get in touch with us on 0800 554 554 for more information on these updates.

Interest rates are subject to change. For all lending products, The Co‑operative Bank fees, conditions, and lending and insurance criteria apply.

Chief Executive Annonucement

18 October 2021

We are absolutely delighted to announce that Mark Wilkshire has been appointed as our new Chief Executive, starting with us on 25 January 2022.

Mark joins us with a very strong retail banking and insurance background and is currently the Executive General Manager of Customer, Brand and Distribution at the Suncorp Group, known by the brands Vero and Asteron.

Previous to this, Mark spent eight years at Kiwibank, as a member of the executive team leading its product and marketing function and as CEO of Kiwi Insurance. Prior to that, his banking career spanned a range of roles across lending, consumer finance, and regional management at ANZ and BNZ.

Sarah Haydon, Chair of the Board of Directors, said “Mark is very strongly aligned with our values and culture. His strong experience in retail banking and his values-led approach to leadership make him an exceptional choice to steer The Co‑operative Bank through the next phase of its growth.”

On accepting the role Mark said “The Co‑operative Bank is unique in New Zealand, as the only bank to share its profits with its customers. I am excited by the opportunity to support and grow the customer base and help ensure a competitive banking market in New Zealand.”

Bevan Miller continues as Interim Chief Executive until Mark joins us in the New Year.

Changes to our Terms and Conditions

27 September 2021

From 27 September 2021, we’re making some changes to our general Terms and Conditions document.

Key changes you’ll notice in the new document are:

• Removed reference to domestic personal and bank cheques
• Updated the Overdraft section to clearly link to Account type (i.e. Current, Electronic or Smile on Call)
• Outlined actions The Co‑operative Bank can take where we suspect or identify an account being used for fraud, money laundering or financing of terrorism
• Removed references to PINing a Debit Mastercard in branch and added more specific references to Debit Mastercard under the ‘Cards’ section
• Updated definitions used in the Terms and Conditions, e.g. Business Day is changed to be generic rather than related to specific branch hours
• Added or updated references to other Terms and Conditions (where applicable)
• Outlined how all of our Terms and Conditions documents work together
• Added missing compliance content and tidied up some typos.

Please note, no changes to other Terms and Conditions have been made. The new Term and Conditions document applies to new customers or new accounts for existing customers effective from Monday 27 September, and for existing customers from 11 October 2021.

NZX Announcement

30 July 2021

Fitch revises outlook on The Co‑operative Bank to positive, affirms rating at BBB

Fitch Ratings has today advised that they have revised the outlook on The Co‑operative Bank’s (Co-op) Long-Term Issuer Default Rating (IDR) to positive from negative. The change in outlook reflects the strong economic rebound in New Zealand, which has reduced downside risk for Co-op’s operating environment, asset quality and earnings and profitability, coupled with a strong recovery in Co-op’s earnings which exceeded Fitch’s base case expectations. Fitch has affirmed Co-op’s IDR at BBB.

Ends

For further information please contact:

Jeremy Valentine
General Manager – Risk, Legal & Governance
The Co‑operative Bank Limited
jeremyvalentine@co-operativebank.co.nz

Recent flooding around New Zealand

20 July 2021

Our thoughts are with those who have been affected by the severe weather and flooding event that caused significant damage to homes and properties in the Buller region and other parts of the country over the weekend. We’re ready to help if you need to lodge an insurance claim with IAG on 0800 425 025 or by emailing coopclaims@iag.co.nz. If you’ve been affected by the floods, please continue to follow safety advice and guidance from Civil Defence www.civildefence.govt.nz and local authorities.

Annual General Meeting and Director Election 2021 - Summary of Event and Results

15 July 2021

The 2021 AGM was held last night (Wednesday 14 July 2021) in Wellington with customer shareholders also able to join via Zoom webinar.

A summary of the AGM follows:

Board Chair, Sarah Haydon, shared the Bank’s highlights for the financial year:

• Supporting our people and our customers through COVID-19;

• Evolving the way that we serve our customers to more effectively apply staff resources to respond to rapidly changing customer needs accelerated by the pandemic;

• Total assets surpassing $3 billion with significant earnings growth that enabled reinstatement of rebates;

• Introduction of profit share scheme whereby individual incentives all Co-op staff receive an equal percentage profit share.

The Chair also spoke to the operational focus for the year ahead, embedding the changes made to the customer service model to ensure customers continue to receive the high levels of service, and the new systems and processes improving efficiency and effectiveness for staff. In closing her address, the Chair recognised the dedicated service of the CEO David Cunningham who would be leaving the Bank at the end of July after nine years, thanking him for the impact he had made helping grow the Bank to the modern successful retail bank it is today.

Chief Executive David Cunningham shared:

• How Co-op had evolved over the last decade since becoming a Registered Bank in 2011;

• The recent achievement of attaining B-Corp certification;

• The 2020 refresh of the Bank’s mobile app;

• The modernisation of the Bank’s frontline physical presence, and the move to a regional operating model.

He spoke to the ongoing focus on providing an exceptional customer experience and the core objectives in place across the organisation to maintain clarity and focus over the year ahead. Mr Cunningham concluded his address thanking the staff, Board of Directors and customers for the support over his nine years with the Bank.

Shareholders were given the opportunity to vote on the director election prior to the meeting, and on the ordinary resolutions at the meeting even if they chose not to attend the virtual or in-person AGM, by appointing a proxy. A little over 2500 shareholders appointed a proxy covering the resolutions to be voted on at the meeting.

The following resolutions were passed by shareholder vote:

• To receive the Annual Report and audited Financial Statements for the year ended March 2021;

• To re-appoint KPMG as the Bank’s external auditor for the year ending 31 March 2022; and

• To approve a Director Remuneration Pool of $520,000.

The Board also signalled a planned reduction in the number of directors and further fee increase to be put to shareholders at the 2022 AGM, the rationale being to keep pace with increased director accountabilities and time commitment as detailed in the notes to the resolution.

• The results of the 2021 Director Election were announced. 3,122 shareholders voted in the Director Election. Existing Directors Nicky Ashton, David Smol and Brett Sutton who retired by rotation (as required by the Bank’s Constitution and NZX Listing Rules) and chose to stand again, were re-elected as Directors.

• The Chair invited and addressed questions from shareholders. The themes of the questions included: mitigating effects of climate change/plans to reach carbon neutrality, changes to branch services and opening hours, customer growth, director fees in relation to workload and responsibilities, future opportunities to offer managed funds, initiatives to assist first home buyers, and opportunities to support affordable housing initiatives.

For further information please contact:

Jeremy Valentine
General Manager – Risk, Legal & Governance
The Co‑operative Bank Limited
jeremyvalentine@co-operativebank.co.nz

We've released our financial results for the year ended 31 March 2021

4 June 2021

On 4 June 2021 we released our Annual Report to Shareholders, which includes our Financial Statements for the year ended 31 March 2021.

If you want to read more about our FY21 results, our Disclosure Statement and Annual Report for the year ended 31 March 2021 is available on our website here.

Voting is now open for our 2021 Director Election

4 June 2021

You’re at the heart of everything we do and it’s important to us that you have a say in how the Bank is governed.

Voting for the Director Election opens today – 4 June 2021

Eligible Shareholders (individual Co‑operative Bank account holders aged 16 and over) have the right to vote for Directors to the Board of The Co‑operative Bank, and on other Ordinary Resolutions affecting the governance of the Bank – these are outlined in the Notice of Annual General Meeting (AGM).

How to Vote

This year voting is online. Our 2021 Director Election page has all the information you need to cast your vote. When you are ready to make your vote visit co-operativebank.co.nz/directorelection2021 and click Vote Now, this will take you through to electionz.com’s secure voting site. You’ll then be asked to enter your unique PIN and Password (which eligible customers will receive via email or post), before proceeding with your vote.

Annual General Meeting (AGM)

This year’s AGM will be held at 5.30pm on Wednesday 14 July, at the Kumutoto Function Centre, Level 1, PwC Centre, 10 Waterloo Quay, Pipitea, Wellington. You will also have the option to join us online via Zoom. We hope to see you there.

A copy of the AGM documents, including the Notice of Meeting and the Annual Report and Disclosure Statement for the year ended 31 March 2021 can be viewed on the 2021 Director Election page.

To register you attendance for the AGM please email AGM@co-operativebank.co.nz and specify whether you will be attending in person or joining online via Zoom.

Questions

You can submit any questions regarding the Ordinary Resolutions or any other matter relevant to the business of the AGM to AGM@co-operativebank.co.nz. We will answer these questions directly and, as appropriate, also cover broad themes at the AGM.

Voting closes at 5pm on Wednesday 7 July, 2020 – have your say today.

NZX Announcement

21 April 2021

Following nine years with The Co‑operative Bank, Chief Executive Officer David Cunningham has resigned from his position effective 31 July 2021.

Mr Cunningham joined the Bank in 2012, soon after the PSIS became a Registered Bank. He led The Co‑operative Bank’s distribution and product management teams prior to becoming Chief Executive Officer in 2017, and has been instrumental in driving substantial change to position Co-op as a contemporary, full-service bank for everyday New Zealanders.

Whilst the Board undertakes a CEO recruitment process, the Bank’s Chief Financial Officer, Bevan Miller, will adopt the role of Interim Chief Executive Officer from 1 August 2021 (subject to non-objection from the Reserve Bank of New Zealand).

For further information please contact:

Jeremy Valentine
General Manager – Risk, Legal & Governance
The Co‑operative Bank Limited
jeremyvalentine@co-operativebank.co.nz

Glenfield branch hours change

19 April 2021

We’re making some changes to the opening hours at our Glenfield branch.

From Monday 10 May, Glenfield branch hours will change to 9.30am – 4.00pm, Monday to Saturday and 10.00am – 3.00pm on Sundays.

For a full list of all of our branch hours, please visit our branches webpage.

Board Composition, 2021 Director Election and advance notice of 2021 AGM

8 March 2021

Dear Shareholders,

This message updates you about The Co‑operative Bank Board Composition, the opening of nominations for the 2021 Director Election and advanced notice of the 2021 AGM.

Board Composition

The Board of Directors’ role is to govern the company on your behalf. As such, the Board needs to collectively hold the appropriate experience, qualifications and competencies to effectively undertake its significant responsibilities.

The second half of 2020 saw some changes in the makeup of the Board. Brendan O’Donovan’s term ended in July 2020 at the annual general meeting (AGM). He had been a director since 2012 including time as Chairman. The Board valued his significant contribution as an economist and experienced director with a deep knowledge of the industry. Dianne Kidd retired on 31 December 2020 having served as a director for over ten years supporting a strong focus on our people. We are very grateful for their contribution to The Co‑operative Bank. Helen van Orton was elected at the AGM in July 2020, bringing over 20 years retail banking experience with a focus on customer operations and digital transformation into her first senior governance position.

In common with many businesses, Covid-19 required us to reconsider elements of our strategy and operating model for the way forward to ensure we remain a strong bank that can deliver what our customers need both now and into the future. This also provided another important dimension to our regular consideration of the collective skills, experience and diversity of thought that we believe are necessary and desirable to govern our business. As a result, and after an extensive search by a leading director search firm, we are very pleased to announce the appointment of David Smol to the Board with effect from 4 March 2021 so that the current number of directors remains at seven.

David has significant executive and governance experience gained in entities of substance in the public and private sector. His previous roles included leading the Ministry of Business, Innovation and Employment and the Ministry of Economic Development. David will bring many skills to the Board including strategy development, commercial and financial analysis, regulatory compliance and risk management.

2021 Director Election

In accordance with our Constitution, David Smol, a board appointment since the last annual meeting, is required to retire at the next AGM and stand for election by the shareholders. In addition, two directors are also required to retire by rotation. These directors are Brett Sutton (Deputy Chairman, and Chair of the Audit and Risk Committees) and Nicky Ashton, and they have each confirmed that they are willing to stand for re-election. The Board strongly endorses the nomination of the existing directors to our shareholders and ask you to vote for them to ensure we continue to have the right balance of skills, experience and tenure to take the bank forward.

Notwithstanding the Board’s recommendation, eligible customer shareholders (individual Co-op Bank account holders aged 16 and over) have the opportunity to nominate potential directors. The attributes and competencies sought from candidates and other important information relating to the election is available at co-operativebank.co.nz/directorelection2021. Nominations open on 8 March 2021 and close at 5pm on 1 April 2021. Our independent Electoral Authority will assess all nominations against the 2021 Director Competencies and determine which nominees will go forward as candidates for the three director positions that will be available.

Voting information will be issued at the start of June. Voting will take place online, and be managed by independent Election Management Company, Electionz.com.

2021 AGM

The results of the director election will be announced at our AGM at 5.30pm, 14 July 2021 in Wellington and online. Further information on how you can participate in the AGM, and details of the venue in Wellington will be issued soon. I hope we will see you then.

Thank you for your continued support of The Co‑operative Bank.

Kind regards

Sarah Haydon
Chair of the Board of Directors
The Co‑operative Bank

Christmas Hours Update

18 December 2020

Our operating hours over the Christmas break will be as follows:

• Riccarton, Lambton Quay and Henderson branches are closed from 25th December and will reopen for normal hours on the 5th January 2021.
• Botany, Glenfield and The Palms will be closed on 25th and 26th December and 1st and 2nd January 2021. They will be open on days in between for normal hours.
• All remaining branches will be closed on the 25th and 28th December and 1st and 4th January 2021. They will be open on days in between for normal hours.
• Our contact centre will be closed 25th and 26th December and 1st and 2nd January 2021.

Also a friendly reminder our Hamilton, Taupo and Paraparaumu branches are now appointment only, therefore you will need to book an appointment before visiting.

Privacy Statement - Update

15 December 2020

We've added our Terms and Conditions - Digital Services and Google Analytics to our Privacy Statement, that provides more detail on how we use cookies and analytic tools when customers use our digital platforms, and forms part of our privacy statement. Check it out here.

Removal of Bank Cheque services

9 December 2020

We are removing our Bank Cheque service from the end of December. The last day you can use this service is 31 December 2020.

Bank Cheques, issued by The Co‑operative Bank, on or before 31 December 2020 will be honoured until 30 June 2021 (subject to the usual checks).

We provide many alternative payment options through Internet Banking, our Mobile App and our branches including One-off Payments, Automatic Payments, Direct Debits, EFTPOS cards and Debit MasterCard.

If you need help arranging an alternate payment method, please give us a call on 0800 554 554 or visit your nearest branch.

Chairman's update for the six months to 30 September 2020

27 November 2020

Dear Customer Shareholders

Today we published our financial results for the six months to 30 September 2020. Here are the key financial highlights, along with an update on some of the Bank’s priorities and progress during this period.

Financial highlights for the six months to 30 September 2020

• The Co‑operative Bank’s profit after tax was $6.8m, a 40% increase on the equivalent period in the previous financial year.
• Net interest income increased by 5%, in line with the 5.3% increase in interest-earning assets.
• Our mortgage portfolio grew nearly $100m, and investment assets held by the Bank for liquidity purposes increased by $52m.
• Expenses were 3.6% lower. The Bank reduced operating expenses in response to the Covid-19 pandemic to mitigate against potential adverse bad debts and revenue impacts resulting from the pandemic.
• Bad debt expense increased by 37% compared to the first half of the previous financial year. The comparative six month period saw unusually low bad debts expense relative to recent years. So far there has been limited bad debts expense relating to the impact of COVID-19, though there remains uncertainty as to the forward outlook.

We're doing right by our customers and staff

2020 has been a year like no other. And while many things have been unpredictable, we’ve remained consistent in our focus to do right by people.Over the last six months, we’ve supported many of our customers through financial challenges, both big and small. We’ve assisted nearly 20% of our home loan customers with either a repayment deferral or interest-only term, to help them cope with uncertainty in their income. We’ve also continued to look after the health, safety and wellbeing of our staff.Our focus on looking after our customers and people is reflected in our latest customer and brand surveys, once again being one of the top-rated banks in New Zealand for customer satisfaction.

We're continuing to grow and invest in the future

Here at The Co‑operative Bank, we continually evolve to meet the changing needs of our customers. This ensures we remain a strong and resilient bank now and into the future.

We recently reviewed our distribution network throughout the country. As a result, we closed three sites and moved others to new locations to improve efficiency and reduce operating expenses. We also confirmed changes to our opening hours and access for our customers, many of whom prefer to do their banking online.

In recent years, customers have shown an increasing preference for digital solutions, and Covid-19 has accelerated this trend. In this period, we’ve continued to invest in technology and solutions that will serve our customers well now and in the future. This month, we rolled out our new mobile app which the Bank’s in-house digital team developed with input from customers. The technology behind our new mobile app ensures we are utilising the latest developments in mobile security and performance. On behalf of the Board, I’d like to thank our staff for their hard work and dedication.And to each of our customer shareholders, thank you for your ongoing support of The Co‑operative Bank.

Sarah HaydonChairman, for and on behalf of the Board of Directors

Removal of cheque book reissues

12 November 2020

From 30th November 2020 The Co‑operative Bank will no longer issue replacement cheque books. This change reflects the industry shift away from cheques, as the vast majority of New Zealanders shift to digital and online services to make payments.

By mid-2021 we will be completely phasing out cheques. Here are some key dates you need to be aware of:

• From 1st January2021 The Co‑operative Bank will stop issuing bank cheques.
• From 1st June 2021 we will no longer accept cheque deposits into an account at The Co‑operative Bank.
• From 1st July 2021 cheques will no longer be available as a payment option.

We provide many alternative payment options through Internet Banking, our Mobile App and our branches including One-off Payments, Automatic Payments, Direct Debits, EFTPOS cards and Debit MasterCard. If you need help arranging an alternate payment method, please get in touch.

NZX Announcement

21 October 2020

Fitch Affirms Co-op Credit Ratings

The Co‑operative Bank Limited (Co-op) advises that Fitch Ratings (Fitch) has affirmed the Long-Term Issuer Default Rating (IDR) of Co-op at ‘BBB’ and the Viability Rating (VR) at ‘bbb’. Fitch affirmed Co-op’s short term IDR at F2 and Subordinated Debt rating at BB+.

The outlook on the Long-Term IDR remains at negative, reflecting Fitch’s view on the downside risk to their base case expectation for New Zealand’s 2020 and 2021 GDP outcomes.

For further information please contact:

Jeremy Valentine
General Manager – Risk, Legal & Governance
The Co‑operative Bank Limited
jeremyvalentine@co-operativebank.co.nz

Update to our Branch hours

14 October 2020

We’re making some changes to our branch hours and access, to help us meet the changing needs of our customers, many of whom prefer to do their banking online and contact us through digital channels only.

Here are the key changes:

• From 2 November 2020, most branches will be open from 10am – 3pm on Monday to Friday. If you would like to pop in, you can do so during these hours. Outside of these times, you need to make an appointment, so please call or email us for assistance.
• From 2 November 2020 Paraparaumu, Taupo and Hamilton branches will be open by appointment only. If you wish to visit these branches you will need to call or email in advance to make an appointment.
• We now offer appointments via phone, video call or in branch.
• Our branches located in shopping malls will continue to be open for extended hours. This includes Glenfield, Lower Hutt, The Palms and Botany branches.

For a full list of our branch hours from 2 November, visit our updated branch hours page.

Update on Home Loan Repayment Deferrals

17 August 2020

In line with the recent Reserve Bank of New Zealand announcement, we are continuing to provide home loan repayment deferrals as a potential option for our customers until 31 March 2021. This covers customers who are applying for a new home loan deferral, and customers who want to extend an existing deferral.

If you are experiencing financial hardship and would like some help, please complete this financial hardship form and send it to us at co-opdirect@coopbank.co.nz or contact your local branch. A home loan deferral is just one option available. Once we receive your application, we’ll work with you to figure out which option is right for your situation. As always, we are here to assist, so please get in touch if you have any queries.

Annual General Meeting and Director Election 2020: Summary of Event and Results

16 July 2020

The 2020 AGM was held last night (Wednesday 15 July 2020) by Zoom webinar. This was the Bank’s first AGM held virtually. This approach was planned in response to the uncertainty around large gatherings given the Covid-19 environment but also to provide the opportunity for more customers from across New Zealand to participate.

We wanted to share the results with you and have outlined these below:

• Chairman Sarah Haydon, updated those present on the Bank’s’ highlights for the financial year; the operating environment in particular navigating Covid-19, record low interest rates, regulatory and legislative developments; the Bank’s financial performance; and looking forward - the Bank’s strategy to maintain the resilience of the business and support its customers in the new environment.
• Chief Executive David Cunningham shared with attendees: the Bank’s vision and purpose and progress toward achieving these; brand development and performance; customer growth objectives, the evolution of retail distribution/branch services and increasing customer use of on-line/mobile banking; the Bank’s Covid-19 response and outcomes supporting its customers and staff. Mr Cunningham concluded his address highlighting the Bank’s immediate priorities and sharing some of its plans for the future.
• Shareholders were given the opportunity to vote on the director election prior to the meeting, and on the ordinary resolutions at the meeting even if they chose not to attend the virtual AGM, by appointing a proxy. A little over 3000 Shareholders appointed a proxy covering the resolutions to be voted on at the meeting. This was an increase on the previous year.
• The meeting passed resolutions covering the Annual Report and Financial Statements for the year ended March 2020 and the re-appointment of KPMG as the Bank’s external auditor for 2021. The Board did not recommend increases to the Director remuneration pool or the Electoral Authority member fee pool, therefore these remained unchanged from those approved at the 2019 AGM and no resolution was presented in respect of these.

• The results of the 2020 Director Election were announced. Approximately 3,900 Shareholders voted in the Director Election.

• New candidate Helen van Orton was elected (subject to receipt of a letter of no objection from the Reserve Bank of New Zealand);

• Existing Director Paul Goulter who retired by rotation (as required by the Bank’s Constitution) and chose to stand again, was re-elected as Board Director.
• Brendan O’Donovan retired (by rotation) as a Board Director. The Chair Sarah Haydon thanked Mr O’Donovan for his valuable contribution as both a Director of the Bank, previous Chairman of the Bank and prior to that, Chair of Co‑operative Life Limited.

• Director appointments and retirements were effective from the conclusion of the AGM.

• The Board and executive team invited and addressed questions from shareholders – both those sent in advance of and during the Zoom webinar – some of the themes of the questions covered provisioning for bad debts, effects of Covid-19 on the Bank and the Bank’s response, the Bank’s moves to cashless branches, downsizing of the retail/Branch network, the decision to retain capital and not pay a rebate in 2020 and gender diversity on the Bank Board.

A recording of the AGM will be available here shortly.

For further information:

Jeremy Valentine, General Manager - Risk, Legal & Governance
The Co‑operative Bank Limited
Email: jeremyvalentine@co-operativebank.co.nz

Internet banking log in change

13 July 2020

From July 15, when you click the ‘log in’ button on our website, you’ll be taken to a dedicated login page instead of the current drop down login box that you’re used to. From this page, simply log in with your customer number and password as normal. We are making this change as part of routine improvements to our website.

We've released our financial results for the year ended 31 March 2020

17 June 2020

On 8th June 2020 we released our Annual Report to Shareholders, which includes our Financial Statements for the year ended 31 March 2020.

If you want to read more about our FY20 results, our Disclosure Statement and Annual Report for the year ended 31 March 2020 is available on our website here.

Cheque Book changes

17 June 2020

From 1 July 2020 we will no longer be issuing new cheque books. Replacements to existing cheque books and cheque processing will continue as normal.

For more information on ways to bank with us please click here.

Changes to cash services in our branches

16 June 2020

We have made changes to some of the services available within our branches. As of 12 June 2020, we no longer offer services for cash withdrawals or some larger coin deposits. We still accept deposits of notes and some amounts of coins (under $100).

These changes reflect the way customers are banking with us. Customers are using internet banking, our mobile app, EFTPOS and ATMs to complete most transactions, and very few customers make cash deposits in branch. Our branch teams are still available to support you with your banking needs, and the changes to our cash services will allow for more relaxed and valuable conversations between customers and our banking consultants.

We understand these changes may present some challenges for customers who do use these services. If this is the case and you would like help finding a solution, please make an appointment with the team at your local branch.

FAQs

How can I withdraw money from my account?

You can use your EFTPOS card or Debit Mastercard® to withdraw notes from any ATM in New Zealand without incurring an ATM service fee. Standard transaction fees apply. For more information, please see our fee brochure.

If you want to withdraw money in the form of coins, you will need to find another solution. Please get in touch with your local branch if you would like help finding an alternative in your area.

What are the limits on cash deposits?

For coins, we will accept deposits of up to $100 in $1 and $2 coins and up to $5 in 50c, 20c and 10c coins. For notes, there are no limits and we will accept deposits of any value.

Why won’t you accept large amounts of coins? You accept large amounts of notes, so what’s the difference?

Notes and some coins are legal tender and we are committed to providing this service for customers. We are removing the cash withdrawal and some coin deposits services as we are remodelling our branches and we will not be replacing the teller counters. Without these counters, we are unable to hold large amounts of coins; however, the new branch layout will enable us to have more meaningful interactions with customers.

I want to deposit $200 in coins. Can I just do two separate deposits?

A limit of $100 in $1 or $2 or $5 in 50c, 20c, and 10c applies, and we would ask that you convert your additional coins into notes, so that we can process it through our newly designed system.

Voting is now open for our 2020 Director Election

8 June 2020

You’re at the heart of everything we do and it’s important to us that you have a say in how the Bank is governed.

Voting for the Director Election opens today – 8 June 2020

Eligible Shareholders (individual Co‑operative Bank account holders aged 16 and over) have the right to vote for Directors to the Board of The Co‑operative Bank, and on other resolutions affecting the governance of the Bank – these are outlined in the Notice of Annual General Meeting (AGM).

How to Vote

This year voting is online. Visit co-operativebank.co.nz/directorelection2020 and click Vote Now, this will take you through to electionz.com’s secure voting site. You’ll then be asked to enter your unique PIN and Password (which eligible customers will receive via email or post), before proceeding with your vote. Our 2020 Director Election page has all the information you need to cast your vote.

Annual General Meeting (AGM)

The AGM will be conducted as a virtual meeting held by Zoom webinar at 5.30pm on Wednesday 15 July, 2020.

A copy of the AGM documents, including the Notice of Meeting and the Annual Report and Disclosure Statement for the year ended 31 March 2020 can be viewed on the 2020 Director Election page.
RSVP to AGM@co-operativebank.co.nz.

Questions

You can submit any questions regarding the Ordinary Resolutions or any other matter relevant to the business of the AGM to AGM@co-operativebank.co.nz. We will answer these questions directly and, as appropriate, also cover broad themes at the AGM.

Voting closes at 5pm on Wednesday 8 July, 2020 – have your say today.

Update on cash withdrawals in our branches

29 May 2020

From 12 June 2020, our branches will no longer offer cash withdrawals. Our friendly team will be here to support you with your everyday banking needs, and you’ll still be able to deposit cash.

As our digital offering has grown, customers are using our services differently. Most customer transactions, including transfers, payments and cash withdrawals are now done via internet banking, our mobile app, EFTPOS or at ATMs.

NZX Announcement

19 May 2020

Fitch moves Co‑operative Bank’s outlook to negative, affirms issuer rating at BBB and downgrades tier 2 subordinated debt rating to BB+.

Fitch Ratings has advised that they have revised the outlook on Co‑operative Bank’s Long-Term Issuer Default Rating (IDR) of BBB to negative from stable. This reflects Fitch’s expectation that the coronavirus pandemic and accompanying economic disruptions will lead to a material deterioration in the operating environment for New Zealand Banks.

As advised on 5 March 2020, Fitch had placed the rating on Co‑operative Bank’s Tier 2 subordinated debt Under Criteria Observation as a result of changes in its ratings criteria applicable to notching of subordinated debt. At the same time as affirming the IDR at BBB, Fitch has downgraded the rating on Co‑operative Bank’s subordinated debt to BB+, two notches below the IDR in accordance with Fitch’s new standard ratings criteria. This one notch change was consistent with Co‑operative Bank’s expectations as set out in the 5 March NZX announcement.

For further information please contact:

Jeremy Valentine
General Manager – Risk, Legal & Governance
The Co‑operative Bank Limited
jeremyvalentine@co-operativebank.co.nz

Debit Mastercard fee changes

11 May 2020

We're making some changes to our fee brochure effective Monday 25 May.

There are three changes being made:

• Removing the annual fee for a Debit Mastercard for our youth customers
• Increasing the annual fee for a Debit Mastercard from $7.50 to $10.00
• Waiving the first year's annual fee for a customer's first Debit Mastercard.

For more information and to see all fees, please refer to our fee brochure.

Home loan rate change update

17 March 2020

We have reduced our floating Home Loan rate applicable to new and existing loans.

Our Floating and Revolving Credit lending rates will decrease from 5.15% p.a. to 4.40% p.a.

These rates will be effective:

• Tuesday 17 March 2020 for new lending
• Tuesday 31 March 2020 for existing lending.

See our full range of rates or please get in touch with us on 0800 554 554 for more information on these updates. Interest rates are subject to change. For all lending products, The Co‑operative Bank fees, conditions, and lending and insurance criteria apply.

Check your IRD number to avoid a higher tax rate

10 March 2020

From 1 April 2020 tax rules are changing.

If we don’t have your IRD number from that date, the default Resident Withholding Tax (RWT) rate on any interest earned on your accounts will increase from 33% to 45%.

If you don’t have an IRD or number, or don’t know what it is, visit ird.govt.nz or call IRD on 0800 227 774.

Check to see if we have your IRD number loaded by looking in the ‘Tax details’ section of settings in the Mobile App or Internet Banking. If you need to load your IRD number, send us an email with your IRD number and full name to enquiries@co-operativebank.co.nz or get in touch with your local branch.

Have your say. Nominations for our 2020 Director Election are now open

9 March 2020

At The Co‑operative Bank we’re not just a New Zealand-owned bank, we’re owned by you - our customers. Not only do we have a history of sharing our profits with you, but you get to have a say in how the Bank is run.

Each year, eligible customers (individual Co-op Bank account holders aged 16 and over) have the opportunity to nominate and vote for Directors to the Board, and on resolutions affecting the governance of the Bank relating to our Annual General Meeting.

Nominations for our 2020 Director Election are now open

The Board of Directors’ role is to govern the company on behalf of our shareholders, who are also our customers. As such, the Board needs to collectively hold the appropriate experience, qualifications and competencies to effectively undertake its responsibilities.

Our Board currently comprises seven Directors, with at least two Directors retiring each year. If eligible (pursuant to the Constitution), the retiring Directors can stand for re-election. The two Directors retiring in 2020 are Paul Goulter and Brendan O’Donovan. Both are eligible and have chosen to stand for re-election. Therefore, this year there are two contestable vacancies.

Experience, qualifications and competencies

Each year the Board considers the collective skills and experience it believes are necessary and desirable to govern our business. It also identifies the individual skills and experience it is looking for to maintain balance and expertise on the Board. The attributes and competencies sought from candidates in the 2020 Director Election are outlined in the Director Competencies. You can also find this information in the 2020 Candidate Handbook available at co-operativebank.co.nz/directorelection2020. Director candidates must also satisfy Reserve Bank requirements covering suitability of bank directors.

If you or someone you know have the skills and experience to become a Director and are keen to contribute to the Bank’s future, we encourage you to consider nomination. Nominations open today, Monday 9 March and close at 5pm, Friday 3 April 2020, by which time all completed nomination forms must be received by the Returning Officer, Electionz.com.

More information

More information about making a nomination and the election process, including the 2020 Candidate Handbook and Nomination form is available at co-operativebank.co.nz/directorelection2020.

Once all valid nominations have been received, our independent Electoral Authority will assess nominations against the 2020 Director Competencies and determine which nominees will go forward as candidates. We'll then send our eligible customers the candidate and voting information. This year voting will take place online, and be managed by independent election management company, electionz.com. Director Election results will be announced at our Annual General Meeting (AGM).

2020 Annual General Meeting (AGM) – Save the Date

This year’s AGM is at 5.30pm, Thursday 2 July 2020 at the Kumutoto Function Centre, Level 1, PwC Centre, 10 Waterloo Quay, Wellington. We hope to see you there.

Thank you for your continued support of The Co‑operative Bank.

Kind regards,
Sarah Haydon
Chairman of the Board of Directors
The Co‑operative Bank

2020 Director Election – Nominations opening soon

4 March 2020

Nominations for this year’s Co‑operative Bank Director Election open on Monday 9 March 2020.

At The Co‑operative Bank we’re not just a New Zealand-owned bank, we’re owned by you - our customers. Not only do we have a history of sharing our profits with you, but you get to have a say in how the Bank is run.

Each year, eligible customers (individual Co-op Bank account holders aged 16 and over) have the opportunity to nominate and vote for Directors to the Board, and on resolutions affecting the governance of the Bank relating to our Annual General Meeting.

The Bank’s Board of Directors govern the company on behalf of, and for the benefit of, our shareholders.

If you or someone you know have the skills and experience to become a Director and are keen to contribute to the Bank’s future, we encourage you to consider nomination. Nominations open on 9 March and close at 5pm, Friday 3 April 2020.

Visit our Director Election 2020 page for more information about making a nomination and the election process, including a copy of the 2020 Candidate Handbook and Nomination form (available when nominations open).

Keeping you in the Loop – December 2019

6 December 2019

A big thank you to you for your support of The Co‑operative Bank this year.

2019 has really been an exciting one. We’ve refreshed our brand, shared another $2.1 million in rebates with our customers, seen exciting change to parts of our branch network and continued to develop our Internet Banking and our Mobile App to best serve our customers.

Our purpose every day is to do right by you, our customers. I’m proud that us doing the right thing by people extends to the wider community too. Read more...

Chairman's Semi-Annual Update - for the 6 months ended 30th September 2019

22 November 2019

Dear Customers,

Today we published our financial results for the six months to 30 September 2019.

Key financial highlights for the period:

• Our profit after income tax was $4.8m which is 14% lower than 2018. Interest margins narrowed in 2019 as a result of the very low interest rate environment and strong competition. Expenses increased modestly due to higher staff costs, increased marketing spend and the depreciation impact of greater investment in technology.
• Bad debts were $0.8m lower reflecting the favourable economic environment.
• Loans and advances grew at an annualised rate of 3.5% during the six month period, while deposits grew 5.2% annualised.
• Our capital adequacy ratio of 16.7% continues to be one of the highest in the New Zealand banking market, and is close to the levels proposed by the Reserve Bank as part of their capital review.

Right by you – committed to our customers

In July we launched our refreshed brand, which brings to life what many of you already know and experience with The Co‑operative Bank – doing right by our customers.

While we always have been committed to doing right by our customers, by making this at the core of our brand, we’re making sure our existing and future customers know that we have their best interests at heart. The fact we live and breathe this commitment is supported by The Co‑operative Bank consistently being one of the top rated banks in New Zealand for customer satisfaction.

This includes winning the Consumer NZ award for being the highest rated bank for customer satisfaction in 2019, and receiving the 2019 Canstar Award for having the most satisfied customers of any bank in New Zealand. However, we know the job doesn’t stop there, so we’re continuing to invest in our online and mobile banking channels, our contact centre, our branches and most importantly our people to ensure they are best supported to serve our customers.

Interest rates

Interest rates in New Zealand are at historic lows, with the Official Cash Rate at just 1% and many mortgage rates below 4% p.a. While this is great news for borrowers, there are many more customers with funds on deposit, often relying on the income from their deposits.

We always strive to offer the best possible interest rates, and look to balance the needs of both borrowers and depositors. Our staff are always available to discuss options with you.

Thank you for your ongoing support of The Co‑operative Bank.

Best wishes for the upcoming festive season.

Brendan O’Donovan
Chairman

Home loan rate change update

12 August 2019

Good news! We have reduced our floating Home Loan rate applicable to new loans. Have a look here to see our great rates on offer.

For existing loans, our Floating and Revolving Credit lending rates will decrease from 5.65% p.a. to 5.15% p.a. and this change will be effective from 27 August 2019.

See our full range of rates or please get in touch with us on 0800 554 554 for more information on these updates.

Interest rates are subject to change. For all lending products, The Co operative Bank fees, conditions, and lending and insurance criteria apply.

Fitch affirms The Co‑operative Bank credit ratings

9 August 2019

We're pleased to announce that in its annual review Fitch Ratings reviewed and affirmed The Co‑operative Bank’s credit ratings. To read the NZX announcement of this and the commentary by Fitch Ratings click here.

Annual General Meeting and Director Election 2019

28 June 2019

The 2019 AGM was held last night (Thursday, 27 June 2019) at the Kumutoto Function Centre, Wellington. We had a pleasing turnout with many shareholders at the event and participating in the governance of the Bank. We wanted to share the results with you and have outlined these below:

• Chairman Brendan O’Donovan, updated those present on the Bank’s performance and its approach to developments in banking industry and regulatory/legislative environment. Mr O’Donovan thanked bank staff for their hard work delivering a large number of work programmes throughout the year.
• Chief Executive David Cunningham shared with attendees: the Bank’s history and strategic direction; staff engagement results that he explained were on par with global high performing organisations; the recent Consumer Choice and Canstar Customer Satisfaction awards the Bank had received; the Bank’s approach to inclusion and diversity and sustainability; and developments in the retail/branch network and digital initiatives.
• Shareholders were given the opportunity to participate in the vote on both the Director Election and the ordinary resolutions even if they couldn’t attend the AGM, by appointing a proxy. This was a popular option, with around 3,000 Shareholders appointing a proxy covering the resolutions to be voted on at the meeting.
• The meeting passed resolutions covering the Annual Report and Financial Statements for the year ended March 2019, Directors’ and Electoral Authority remuneration and the re-appointment of KPMG as the Bank’s external auditor for 2020.
• The results of the 2019 Director Election were announced. Approximately 3,500 Shareholders voted in the Director Election. Sarah Haydon and Clayton Wakefield were re-elected as Board Directors.
• General Manager Brand and Marketing Kate Necklen closed the formal part of the presentation with a preview of the Bank’s brand refresh and digital advertising that is set for launch from 1 July 2019.
• The Board and executive team invited and addressed questions from the floor that centred on topical issues such as climate change, open banking, director numbers and executive remuneration and the future of cash.
• After the AGM, attendees met informally with the Board and staff.

For further information:
Jeremy Valentine, General Manager – Risk, Legal & Governance
The Co‑operative Bank Limited
Email: jeremyvalentine@co-operativebank.co.nz

Changes to our Fees and Terms and Conditions – 1 July 2019

19 June 2019

From 1 July 2019, we’re changing the way we present our Fees and Terms and Conditions to you, and adding in more information on what these documents mean and how they relate to both you and us.

Key changes you’ll notice in our Fees Brochure are:

• Making it clearer how our Transaction and Service Fee exemptions apply to customers by combining these sections.
• Updates to our Notes section to help you understand how these Notes relate to the products and services you use.

Key changes you’ll notice in our Terms and Conditions Brochure are:

• A Purpose Statement helping you understand the agreement you enter into when you sign up for any of our products or services.
• An About our Terms and Conditions statement to help you understand the information contained in the document.

These changes will take effect from 1 July 2019. Please note, no changes to any fees or other terms and conditions have been made. Find our existing at fees, and our existing Terms and Conditions.

Voting is now open for our 2019 Director Election

27 May 2019

At The Co‑operative Bank we believe in doing the right thing by you – our customers. You’re at the heart of everything we do. So understandably, it’s important to us that you have a say in how the Bank is governed.

Eligible Shareholders (individual Co-op Bank account holders age 16 and over) are invited to vote for Directors to the Board, and on resolutions affecting the governance of the Bank relating to our Annual General Meeting (AGM).

Voting is now closed.

Annual General Meeting (AGM)

The AGM will be held at 5.30pm on Thursday 27 June, 2019 at the Kumutoto Function Centre, Level 1, PwC Centre, 10 Waterloo Quay, Pipitea, Wellington. Registration from 5.00pm.

A copy of the Notice of Meetingand the notes to the Ordinary Resolutions relating to the AGM are on our 2019 Director Election and AGM page. RSVP to AGM@co-operativebank.co.nz.

Voting closes at 5pm on Thursday 20 June, 2019 – have your say today.

Home Loan rate change update

20 May 2019

Good news! We have reduced a number of our floating and fixed term Home Loan rates applicable to new loans. Have a look here to see our great rates on offer.

For existing loans, our Floating and Revolving Credit lending rates will decrease from 5.75% p.a. to 5.65% p.a. This change will be effective from 27 May 2019 for loans advanced on or after 1 August 1996, and 7 June 2019 for loans advanced before 1 August 1996. See our full range of rates or please get in touch with us on 0800 554 554 for more information on these updates.

Interest rates are subject to change. For all lending products, The Co‑operative Bank fees, conditions, and lending and insurance criteria apply.

Worth Knowing April 2019

2 April 2019

Before we share our latest news and updates, we would firstly like to recognise the magnitude of the recent tragic events in Christchurch. In wake of the event, the last few weeks have no doubt been a time of reflection for many of us throughout New Zealand. Our hearts go out to the Muslim community, the people of Christchurch, and all New Zealanders affected by the tragedy.

The outpouring of compassion by New Zealanders and people around the world has been extraordinary. It’s been heartening to see the responses of many thousands of people across New Zealand, really personifying the inclusive, open and supportive nation that we are. Read more…

Banking industry contributes $1 million to Christchurch families’ fund

18 March 2019

The banking industry has today contributed $1 million to the Christchurch Foundation’s Our People, Our City Fund to meet the long and short term needs of the families most affected by Friday’s terror attacks.

New Zealand Bankers’ Association chair David McLean said the industry shared the sense of shock of all New Zealanders and wants to support the families now and in the future.

“The banking industry is appalled by the horrific attacks in Christchurch on Friday and stands alongside Cantabrians at this terrible time.”

Finance Minister Grant Robertson acknowledged the “generous contribution” from New Zealand’s banks to support families who are going through immeasurable grief and suffering.

“This stands alongside the generosity of individual New Zealanders supporting the people affected by this attack,” Grant Robertson said.

David McLean said the contribution came from across the banking sector.

“New Zealand Bankers’ Association members have committed $1 million to the Our People, Our City Fund, which will meet the immediate and long term needs of the families most directly affected. New Zealanders can join us in donating to this important cause. Donations can be made at most banks around New Zealand.

“Those who have lost loved ones should contact their bank to see how they can be best supported during this difficult time.”

Amy Carter, chief executive of the Christchurch Foundation, welcomed this initiative.

“The Christchurch Foundation is pleased to be working with the NZBA and its members to support the families of this tragic event, both now and into the future. A contribution of this scale is incredibly generous. Thank you to the banks and the NZBA.”

The account number to donate to is: 15-3976-0091104-80. Donations can be made online or at most bank branches.

The banking industry’s contribution to the Our People, Our City Fund has been made in accordance with Islamic principles and in consultation with the Muslim community.

More information about the Christchurch Foundation is available here: https://christchurchfoundation.org.nz/

You can now unlock and reset your Internet Banking Password online

15 March 2019

We’re always looking for ways to make things simpler for our customers, and we’re pleased to let you know you can now securely reset your Internet Banking password, or unlock your Internet Banking 24/7, online.

What to do if you’re locked out?

• Select ‘Need help logging in?’ in the login section.
• Select ‘I want to unlock my Internet Banking without resetting my password’.
• You’ll need your Co-op customer number and your Co-op EFTPOS, Debit Mastercard or Fair Rate Credit Card.
• Follow the steps online to unlock your Internet Banking.
• Once your Internet Banking has been unlocked, we’ll send you a notification to confirm everything’s sorted.

What to do if you want to reset your password?

• Select ‘Need help logging in?’ in the login section.
• Select ‘I forgot my Internet Banking password’.
• You’ll need your Co-op customer number, your Co-op EFTPOS, Debit Mastercard or Fair Rate Credit Card and your Safeguard Registered phone
• Follow the steps online to reset your Internet Banking password.
• Once your password has been reset, we’ll send you a notification to confirm everything’s sorted.

If you don’t have a Safeguard Registered phone, it’s easy to get set up:

• Call us on 0800 554 554 and ask to register a Safeguard phone number. This number will be registered right away; or
• In Internet Banking, visit Settings > Security > Add a mobile phone. This number will be registered as safe after 30 days.

And remember, you can still always give us a call on 0800 554 554 or visit your local branch if you need assistance.

Nominations for our 2019 Director Election are now closed.

18 March 2019

UPDATED: Nominations for 2019 are now closed.

At The Co‑operative Bank we believe in doing the right thing by you – our customers. You’re at the heart of everything we do. So understandably, it’s important to us that our customers have a say in how the Bank is run.

Each year, eligible customers (individual Co-op Bank account holders aged 16 and over) have the opportunity to nominate and vote for Directors to the Board, and on resolutions affecting the governance of the Bank relating to our Annual General Meeting.

Nominations for our 2019 Director Election are now open.

The Board of Directors’ role is to govern the company on behalf of, and for the benefit of, our shareholders, who are also our customers. As such, the Board needs to collectively hold the appropriate experience, qualifications and competencies to effectively undertake its responsibilities.

Our Board currently comprises seven Directors, with at least two Directors retiring each year. If eligible (pursuant to the Constitution), the retiring Directors can stand for re-election. The two Directors retiring in 2019 are Sarah Haydon and Clayton Wakefield. Both are eligible and have chosen to stand for re-election. Therefore, this year there are two contestable vacancies.

Experience, qualifications and competencies

Each year the Board considers the collective skills and experience it believes are necessary and desirable to govern our business. It also identifies the individual skills and experience it is looking for to maintain balance and expertise on the Board. The attributes and competencies sought from candidates in the 2019 Director Election are outlined in the Director Competencies. Director candidates must also satisfy Reserve Bank requirements covering suitability of bank directors.

If you or someone you know have the skills and experience to become a Director and are keen to contribute to the Bank’s future, we encourage you to consider nomination. Nominations open today, Monday 11 March and close at 5pm, Friday 5 April 2019, by which time all completed nomination forms must be received by the Returning Officer, Electionz.com.

More information

More information about making a nomination and the election process, including the 2019 Candidate Handbook and Nomination form is available at the Director Election page.

Once all valid nominations have been received, our independent Electoral Authority will assess nominations against the 2019 Director Competencies and determine which nominees will go forward as candidates. We'll then send our eligible customers candidate and voting information. This year voting will take place online, and be managed by our independent Election Management Company, Electionz.com. Director Election results will be announced at our Annual General Meeting (AGM).

2019 Annual General Meeting (AGM) – Save the Date

This year’s AGM is at 5.30pm, Thursday 27 June 2019 at the Kumutoto Function Centre, Level 1, PwC Centre, 10 Waterloo Quay, Wellington. We hope to see you there.

Thank you for your continued support of The Co‑operative Bank.

Kind regards

Brendan O’Donovan
Chairman
The Co‑operative Bank

2019 Director Election – Nominations opening soon

18 March 2019

Nominations for this year’s Co‑operative Bank Director Election open on 11 March.

At The Co‑operative Bank we believe in doing the right thing by you – our customers. You’re at the heart of everything we do. So understandably, it’s important to us that you have a say in how the Bank is run.

Each year, eligible customers (individual Co-op Bank account holders aged 16 and over) have the opportunity to nominate and vote for Directors to the Board, and on resolutions affecting the governance of the Bank relating to our Annual General Meeting.

The Bank’s Board of Directors govern the company on behalf of, and for the benefit of, our shareholders.

If you or someone you know have the skills and experience to become a Director and are keen to contribute to the Bank’s future, we encourage you to consider nomination. Nominations open on 11 March and close at 5pm, Friday 5 April 2019.

Visit our Director Elections 2019 page for more information about making a nomination and the election process, including the 2019 Candidate Handbook and Nomination form.

Nominations for our 2019 Director Election are now closed

4 March 2019

Nominations for this year’s Co‑operative Bank Director Election open on 11 March.

At The Co‑operative Bank we believe in doing the right thing by you – our customers. You’re at the heart of everything we do. So understandably, it’s important to us that you have a say in how the Bank is run.

Each year, eligible customers (individual Co-op Bank account holders aged 16 and over) have the opportunity to nominate and vote for Directors to the Board, and on resolutions affecting the governance of the Bank relating to our Annual General Meeting.

The Bank’s Board of Directors govern the company on behalf of, and for the benefit of, our shareholders.

If you or someone you know have the skills and experience to become a Director and are keen to contribute to the Bank’s future, we encourage you to consider nomination. Nominations open on 11 March and close at 5pm, Friday 5 April 2019.

Visit our Director Elections page for more information about making a nomination and the election process, including the 2019 Candidate Handbook and Nomination form.

Changes to our Fees and Terms and Conditions - 18 January 2019

21 December 2018

We’re making some small updates to our fees (including our small business banking fees) and Terms and Conditions. These changes take effect on 18 January 2019.

Key Changes

All fees not outlined above remain the same. Find these at co-operativebank.co.nz/fees.

Terms and Conditions not outlined above remain the same. Find these at co-operativebank.co.nz/terms-and-conditions.