Westpac chief executive David McLean has been elected chair of the New Zealand Bankers’ Association for 2017/18 and took on the role on 1 April.
Kiwibank chief executive Paul Brock was elected deputy chair.
David McLean says it’s a privilege to be elected chair and he is confident NZBA will continue to promote outcomes that support the industry, and ultimately all New Zealanders.
“New Zealand’s economic growth and wellbeing depends on a stable, robust and secure banking system.”
Westpac takes over the chair bank role from ANZ.
New Zealand Bankers’ Association chief executive Karen Scott-Howman says, “I would like to thank David Hisco for his contribution as chair over the last year, and welcome David McLean to the role.”
Established in 1891, NZBA is the voice of the banking industry. The association advocates on behalf of the industry in support of a successful banking system that benefits New Zealanders and the New Zealand economy.
The association currently has 16 members, all of which are banks registered under the Reserve Bank of New Zealand Act 1989. The association’s governing body is its council, comprising the chief executive of each member bank. In addition to these members, NZBA has eight affiliate memberships with other organisations involved with the banking industry.
New Zealand Bankers’ Association chief executive Karen Scott-Howman said people should always take care when entering PIN numbers at ATMs.
Inland Revenue Department
Karen Scott-Howman, chief executive of the Bankers’ Association, acknowledged the role banks play in fighting financial crime but said customer privacy and confidentiality was taken seriously.
NZBA submits that the Guidance Note should retain its current level of flexibility in recognition of the fact that sales conversations can evolve differently. NZBA would not like to see further prescriptive steps or ‘checklists’ added as a result of consultation, which will not necessarily further the objective of providing simple or better advice to consumers.
The review will cover the definition of capital, the measurement of risks that the banks face and the minimum capital requirements and buffer,” said Reserve Bank Deputy Governor Grant Spencer in a speech to the New Zealand Bankers’ Association in Auckland.
Inland Revenue Department
Bank customers can be confident about the protection of their private financial information held by banks despite a decision saying Westpac got it wrong in relation to political activist Nicky Hager, says the New Zealand Bankers’ Association.
KPMG’s Financial Institutions Performance Survey for the 2016 financial year has found that the strength of the New Zealand banking sector continues to underpin its performance.
“The strength of New Zealand’s banks continues to provide a solid platform for our economic growth. Our banks are well capitalised and regulated, and highly competitive. That means they’re well-placed to meet the needs of businesses and households,” says New Zealand Bankers’ Association chief executive Karen Scott-Howman.
Overall profits in the sector were down in the last year. This was due to tightening margins, a decrease in non-interest income, rising operating costs, provisioning for bad loans, and global market volatility.
The average interest rate margin dropped from 2.28 to 2.15%, which was driven by strong competition and the rising cost of funding. Lending competition remains strong in an environment where interest rates are tipped to rise gradually.
“Interest rates are still at historic lows. It’s a good time to assess your circumstances and get your finances in order so you can manage any increase in the cost of borrowing.”
The report also identified further digitisation and innovation in banking services as a focus for 2017.
“This innovation is largely driven by changes in customer behaviour and preferences, along with competition inside and outside the banking sector. Banks need to keep their customers happy in this highly competitive environment. To enhance customer experience they’re constantly looking at ways to improve banking services,” says Scott-Howman.
Standards New Zealand