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Banking & Finance
Latest New Zealand banking & finance news and updates
OpinionBanking & Finance
The Illusion of Free Regulation: Why Consumers Will Foot New Zealand's New Bank Levy
Finance Minister Nicola Willis expects banks to absorb the new NZ$209 million prudential levy, but New Zealand's concentrated financial market suggests otherwise. This editorial explores why everyday consumers, rather than highly profitable institutions, are likely to end up paying the bill.
Banking & Finance
Heartland Group Holdings to Acquire TSB Bank for NZ$620 Million
Heartland Group Holdings has signed a conditional agreement to acquire TSB Bank from Toi Foundation for NZ$620 million. The combined entity will become New Zealand's seventh-largest bank with approximately NZ$15 billion in total assets.
Banking & Finance
Finance Minister Defends New $209 Million Prudential Levy, Dismissing Pass-Through Concerns
New Zealand Finance Minister Nicola Willis has defended a new $209 million prudential levy introduced in Budget 2026. Willis expressed confidence that major banks will absorb the regulatory costs rather than pass them on to consumers.
Banking & Finance
Koura Wealth Doubles Maximum KiwiSaver Bitcoin Fund Allocation to 20 Per Cent
New Zealand KiwiSaver provider Koura Wealth has doubled its maximum Bitcoin fund allocation limit to 20%, citing increased institutional investment and growing member demand. The change is accompanied by an adjustment to the fund's automatic rebalancing threshold.
Banking & Finance
BNZ Buyback Debate Reignites Calls for Major New Zealand Banking Reform
A proposal to buy back the Bank of New Zealand from National Australia Bank has reignited calls for structural reform in a sector where four banks control up to 85% of the market.
Banking & Finance
Commerce Commission Identifies Weak Competitive Pressure in Financial and Insurance Services
The inaugural State of Competition report identifies financial and insurance services as industries with the weakest competitive pressure, highlighting a 916% rise in insurance premiums since 2000.
Banking & Finance
KiwiSaver Funds Show Mixed Performance in May 2026 Update as Growth Assets Lead Recovery
KiwiSaver growth funds saw a significant rebound in April 2026, with some funds returning nearly 10% following a volatile start to the year. The recovery comes as contribution rates rise to 3.5% and global markets hit record highs.
Banking & Finance
ANZ New Zealand Ordered to Pay Estimated $125 Million Following High Court Class Action Loss
ANZ New Zealand faces a potential $125 million payout after the High Court ruled the bank breached the Credit Contracts and Consumer Finance Act. The judgment affects 17,000 customers following a coding error in loan variation letters between 2015 and 2016.
Banking & Finance
Westpac reports A$3.4 billion half-year profit amid margin pressure and NZX trading halts
Westpac Banking Corporation reported a statutory net profit of A$3.4 billion for the first half of 2026, as strong lending growth was offset by a decline in net interest margins to 1.89%.
Banking & Finance
Bank of New Zealand Increases Fixed Housing Interest Rates Effective Today
Bank of New Zealand has increased its 18-month, two-year, and three-year fixed housing interest rates by 10 basis points, effective May 5, 2026. These adjustments come as the bank navigates rising wholesale costs and a 37.9% decrease in half-year statutory net profit.
Banking & Finance
Bank of New Zealand statutory net profit falls 37.9 per cent following software policy change
Bank of New Zealand has reported a statutory net profit of $494 million for the half-year ending March 31, 2026, a 37.9 per cent decrease driven by a $253 million software accounting adjustment.