New Zealand’s banking sector is one of the most concentrated in the developed world, with the industry dominated by a handful of major players that control the vast majority of market share. Understanding which banks lead the market provides valuable insight for consumers, investors, and anyone interested in the country’s financial landscape. Here’s a comprehensive look at the top 10 banks in New Zealand by market share.

1. ANZ Bank New Zealand

ANZ Bank New Zealand holds the position as the country’s largest bank by market share, commanding approximately 30-31% of total banking assets. Originally established as the Bank of New Zealand before ANZ’s acquisition, this Australian-owned institution serves over 1.8 million customers across the country. ANZ offers a comprehensive range of banking services including personal banking, business banking, investment services, and insurance products. Their extensive branch network and digital banking platforms make them accessible to customers throughout New Zealand, from major cities to rural communities.

2. ASB Bank

ASB Bank, a subsidiary of the Commonwealth Bank of Australia, ranks as New Zealand’s second-largest bank with around 22-23% market share. Founded in 1847 as the Auckland Savings Bank, ASB has grown from its regional roots to become a nationwide institution. The bank is known for its innovative approach to digital banking and has consistently been at the forefront of technological advancement in the New Zealand banking sector. ASB serves approximately 1.3 million customers and is particularly strong in the residential mortgage market.

3. Westpac New Zealand

Westpac New Zealand holds approximately 19-20% of the market share, making it the third-largest bank in the country. Also Australian-owned, Westpac operates through an extensive network of branches and has a strong presence in both retail and commercial banking. The bank has a particular focus on sustainability and has made significant commitments to environmental and social responsibility. Westpac serves around one million customers and is a major player in agricultural lending, reflecting New Zealand’s strong farming sector.

4. Bank of New Zealand (BNZ)

Despite its name, the Bank of New Zealand is actually owned by National Australia Bank (NAB). BNZ commands roughly 16-17% of market share and is one of the country’s oldest financial institutions, founded in 1861. The bank provides comprehensive banking services to personal, business, and corporate customers. BNZ has invested heavily in digital transformation in recent years, modernizing its platforms to meet changing customer expectations. The bank is particularly strong in business and commercial banking segments.

5. Kiwibank

Kiwibank stands out as New Zealand’s only locally-owned major bank, owned by the New Zealand government through its state-owned enterprises. With approximately 9-10% market share, Kiwibank may be smaller than the “big four” Australian-owned banks, but it holds a special place in the hearts of many New Zealanders who prefer to bank locally. Established in 2002, Kiwibank operates through New Zealand Post outlets in addition to traditional branches, giving it unique accessibility, particularly in smaller towns where other banks may have limited presence.

6. Rabobank New Zealand

Rabobank, a Dutch cooperative bank, holds around 2-3% of the New Zealand market but punches above its weight in the agricultural sector. The bank specializes in rural and agribusiness banking, providing tailored financial solutions to farmers, growers, and food and agribusiness companies. Rabobank’s expertise in agricultural finance and its cooperative structure appeal to many in New Zealand’s important farming community.

7. The Co-operative Bank

The Co-operative Bank, with approximately 1-2% market share, is New Zealand’s only customer-owned bank. Founded in 1928, the bank operates on cooperative principles where customers are members and share in the bank’s success. While smaller than the major players, The Co-operative Bank has a loyal customer base attracted to its ethical banking practices and community focus. The bank has been recognized for its customer service and commitment to sustainable banking practices.

8. HSBC New Zealand

HSBC operates in New Zealand with a market share of around 1%, focusing primarily on corporate and institutional banking rather than retail services. As part of the global HSBC network, the bank provides valuable international banking connections for New Zealand businesses engaged in global trade. HSBC’s strength lies in facilitating cross-border transactions and providing banking services to multinational corporations operating in New Zealand.

9. TSB Bank

TSB Bank, standing for Trustee Savings Bank, is a regional bank based in Taranaki with approximately 1% market share. Despite its smaller size, TSB is significant as a locally-owned and operated bank serving its regional community. The bank has expanded beyond Taranaki in recent years but maintains its community banking ethos and strong regional identity.

10. China Construction Bank (New Zealand)

China Construction Bank represents the growing presence of Chinese financial institutions in New Zealand. While holding less than 1% market share, the bank plays an important role in facilitating trade and investment between New Zealand and China. It primarily serves corporate clients and provides specialized services related to China-New Zealand business relationships.

The concentration of New Zealand’s banking sector in the hands of four Australian-owned banks has been a subject of ongoing discussion regarding competition, pricing, and financial stability in the country