Written submission to Local Government and Environment Committee
Finance and Expenditure Committee
SBS Bank (Southland Building Society) and JPMorgan Chase Bank N.A. have joined the
New Zealand Bankers’ Association bringing the total number of member banks to 12.
New Zealand Bankers’ Association chief executive Sarah Mehrtens welcomed the two new
member banks. “I am delighted by the decision of both SBS Bank and JPMorgan Chase to
join us. It’s a great start for the Association’s 120th anniversary year and strengthens the
industry voice of banking in New Zealand,” said Mehrtens.
SBS Bank is New Zealand’s largest building society. It is thought to be the only building
society in the world to have achieved bank registration while maintaining its mutual structure
of being owned by its members. SBS Bank became a registered bank in October 2008.
JPMorgan Chase is one of the world’s leading investment banks. In 2008, the firm expanded
its global footprint with the launch of a New Zealand branch in Auckland.
The New Zealand Bankers’ Association helps banks to set industry standards and work
together on non-competitive issues. Membership of the Association is open to any bank
registered under the Reserve Bank of New Zealand Act 1989.
Other New Zealand Bankers’ Association members are ANZ National Bank, ASB Bank,
Bank of New Zealand, Bank of Tokyo-Mitsubishi UFJ, Citibank, Hong Kong and Shanghai
Banking Corporation, Kiwibank, Rabobank New Zealand, TSB Bank, and Westpac
New Zealand.
The New Zealand Bankers’ Association has appointed Stephen Franks as independent reviewer of the New Zealand Code of Banking Practice.
Franks is a leading lawyer who specialises in company and securities law. “We are delighted that Stephen Franks has agreed to review the Code,” said New Zealand Bankers’ Association acting chief executive Karen Scott-Howman.
The Code of Banking Practice is a voluntary code of conduct. It records and communicates to the public the standards of good banking practice that Members of the New Zealand Bankers’ Association will observe to maintain good relationships and communication with customers.
The Code was introduced in 1996. It is reviewed by an independent reviewer every three years to ensure it remains effective and practical. The current Code (July 2007) is available here.
An issues paper, released today, invites comment on how the Code is operating. “It notes some of the issues that might influence the review to make it easier for people to offer informed suggestions on how the Code might be improved. The review is not restricted to the issues paper and people are welcome to comment on any issues they think relevant,” said Scott-Howman.
Comments on the Code review may be made in writing to Stephen Franks by 17 December 2010. Submissions are preferred by email in a Word document to info@franksogilvie.co.nz.
The review is expected to be completed by July 2011 with the publication of a revised Code.
ENDS
For further information please contact Philip van Dyk, Communications Director, on 04 802 3354 or 021 242 0428.
Securities Commission
Commerce Committee
Ministry of Consumer Affairs
Ministry of Consumer Affairs
The Bank of Tokyo-Mitsubishi UFJ Limited has joined the New Zealand Bankers’ Association.
New Zealand Bankers’ Association chief executive Sarah Mehrtens welcomed its new member bank. ‘I am delighted by the Bank of Tokyo-Mitsubishi’s decision to join. The New Zealand Bankers’ Association represents the common interests of the major players in the sector’ said Mehrtens.
The Bank of Tokyo-Mitsubishi has been operating in New Zealand since 2004, prior to which it operated as a branch of a subsidiary from 1996. It is part of the international Bank of Tokyo-Mitsubishi UFJ Limited group, the premier commercial banking arm of the Mitsubishi UFJ Financial Group Inc.
The Bank of Tokyo-Mitsubishi’s Auckland general manager Michael Ryff said the bank wanted to play a full part in the commercial and banking life of New Zealand.
Other New Zealand Bankers’ Association members are ANZ New Zealand (including National Bank), ASB Bank, Bank of New Zealand, Citibank, Hong Kong and Shanghai Banking Corporation, Kiwibank, Rabobank New Zealand, TSB Bank, and Westpac New Zealand.
ENDS
For further information please contact Philip van Dyk, Communications Director, on 04 802 3354 or 021 242 0428.