Banking & Finance.
Banking is a regulated industry in New Zealand. A bank must be “registered” with New Zealand’s central bank, the Reserve Bank of New Zealand.
Banking regulations are strict by world standard; banks in New Zealand have not engaged in the irresponsible actions characterised by less regulated American, British and European banks; so, from a customer point of view, thanks to Government regulation, New Zealand Banks are relatively safe.
There are 27 such banks on the Reserve Bank register.
Most of those banks, although incorporated in New Zealand, are, in fact, owned overseas. Only 5 banks are locally owned.