Insights into New Zealand’s financial sector
Finance is one of the largest players in New Zealand’s economy – in the year ending September 2009, finance contributed 27.9% to GDP.
There are 19 registered banks and numerous financial institutions established in New Zealand.
The Reserve Bank of New Zealand manages registration and supervision of all banks in New Zealand. As an investor, you’ll be happy to learn that New Zealand has policies supporting new bank registration.
Insurance
With one of the least regulated insurance markets in the world, New Zealand provides ample opportunity for insurance brokers to prosper. Designing their own regulatory framework, the insurance industry maintains an ethical foundation. Major Insurance brokers include QBE, Vero, AMI, Allianz, FMG, IAG, Tower and Zurich.
Financial services
With branches and offices located throughout the country, major financial institutions employ a large proportion of the New Zealand population. As of June 2009, approximately 15% of the New Zealand labour market was employed in business and financial services.
Like other international markets, New Zealand’s financial sector is projected to grow as consumers regain confidence in their financial service providers.
Key Resources
We suggest looking at the following resources:
- The Reserve Bank of New Zealand is New Zealand’s central bank
- For additional details about new bank registration click through to the Bank Registration Information document (PDF, 105KB) provided by the Reserve Bank of New Zealand
- The New Zealand Treasury provides fiscal updates and monthly financial statements
- New Zealand Exchange Ltd (NZX) looks after New Zealand’s capital markets
- The Financial Services Federation (Inc.) is an organisation representing non-bank financial institutions
- The Institution of Finance Professionals New Zealand Inc. is the industry body working with professionals from the financial and capital markets
- The Insurance Council of New Zealand represents insurance agencies throughout New Zealand
- The Commerce Commission promotes competition and regulation within the New Zealand markets to ensure New Zealanders benefit from fair prices, better quality and greater choice.
