TSB Bank

Office address: 120 Devon Street East, New Plymouth, Taranaki 4310
Website: www.tsb.co.nz
Year established: 1850
Company type: financial services
Employees: 550+
Expertise: banking, home loans, investment, insurance, personal loans, ethical investment, residential lending, first home lending, next home lending
Parent company: The Toi Foundation
Key people: Kerry Boielle (CEO), Mark Darrow (chair) Larissa Vaughan (GM regulatory affairs and general counsel), Gordon Davidson (CFO), Julian Downs (GM technology), Molly Auva’a-O’Brien (GM operational excellence), Chris Boggs (GM people and strategy), Graeme Scrivener (CRO)
Financing status: N/A

TSB is a fully New Zealand-owned banking institution, known for its customer focus and community involvement. A New Plymouth-based company, it offers a wide range of financial products and services, including mortgages, personal loans, and insurance. Growing to have over 550 employees, the bank’s total assets amounted to $9.15 billion as of 31 March 2023.

History of TSB

In 1850, Governor Sir George Grey founded the New Plymouth Savings Bank for financial independence, initially operating from the local police station. Waitara Te Karei made the first deposit, travelling 100km from Mokau to deposit 35 pounds. The first TSB branch opened in New Plymouth in 1860.

The bank was renamed Taranaki Savings Bank to reflect regional growth in 1964 and introduced its first computers in 1972. It developed New Zealand's first ATMs in 1981 and was renamed TSB Bank in 1989. It celebrated its 160th anniversary with a museum and a published history in 2010 and rebranded simply as TSB in 2017.

Products and Services of TSB

TSB provides an array of mortgage-related products and services designed to meet the clients’ needs. Key offerings include:

• first home loans: specialised loans designed for first-time home buyers
• next home loans: mortgage options for those looking to purchase their next home
• building a home loans: financing solutions for constructing new homes
• investment lending: loans tailored for property investors
• home loan top-ups: additional borrowing options for existing mortgage holders
• personal loans: unsecured loans for different personal requirements, such as debt consolidation and major purchases
• KiwiSaver: retirement savings schemes designed to help individuals save for their future
• insurance: a variety of insurance offerings, including home, travel, and car insurance

Culture at TSB

At TSB, their mission focuses on exceptional customer care and community benefit, driving the bank's strategy and decisions. Their core values prioritise people first, simplicity, innovation, unity, and integrity. Every decision made in the company is grounded in these principles, which is reflected in the comprehensive benefits offered to employees, such as:

• benefits and wellbeing: three ‘Me Days’ annually for personal happiness and comprehensive wellbeing platform for support
• community leaves: annual community day for local engagement and paid community leave for charity or volunteer work
• banking benefits: savings on everyday banking, lending, and insurance products
• recognition: ‘Summit’ recognition program for employee achievements
• flexible working: options include part-time hours, condensed days, flexible hours, and remote working

TSB is dedicated to enhancing New Zealand communities through active sponsorships and local involvement. As a fully New Zealand-owned bank, it supports events and activities that benefit the communities it serves. This commitment enables both the bank and its employees to engage with and contribute positively to local initiatives, including:

• WOMAD Festival: partnering with a global arts and music festival
• TSB Arena: sponsoring a multi-purpose venue in Wellington
• Tūranga Library: supporting Christchurch’s central library project
• Employee Community Day: enabling staff to volunteer locally
• Toi Foundation Contributions: dividends supporting regional projects

TSB is committed to sustainability and ethical investments, ensuring their practices benefit the environment and society. Guided by the principles of caring for the land and the people while moving forward, the bank prioritises responsible investment and sustainable growth. The company upholds this sentiment through:

• avoiding oil investments: excludes companies in oil production
• excluding nuclear power: avoids investment in entities supporting nuclear energy
• gambling-free investments: not participating in gambling-related businesses
• drug-free investments: staying away from non-medicinal drug companies
• no weapons manufacturing: keeping away from weapons and firearms industries
• environmental justice: avoids companies with poor environmental practices
• human rights: steers away from companies with human rights abuses

About TSB CEO Kerry Boielle and Key People

Kerry Boielle has been TSB's CEO since January 2024, after serving as chief sales and marketing officer at Southern Cross Health Society. Boielle held general manager roles at ASB, Baycorp, and Kiwibank, and managerial positions at Prudential Assurance and Thomas Cook Financial Services. She earned an Executive MBA (Hons) from the University of Auckland and completed the Future Auckland Leaders Program from the Committee for Auckland.

The key people supporting the CEO at TSB include senior executives, such as:

• Mark Darrow, serving as chair and director, ensures governance and strategic oversight
• Larissa Vaughan, GM of regulatory affairs and general counsel, oversees legal and regulatory compliance
• Gordon Davidson, as a chief financial officer, manages the bank's financial planning and analysis
• Julian Downs, serving as GM technology, leads the bank's technological advancements and digital transformation
• Molly Auva’a-O’Brien, as GM of operational excellence, manages and develops operational efficiencies
• Chris Boggs, as a GM of people and strategy, directs human resources and strategic initiatives
• Graeme Scrivener, as chief risk officer, manages risk assessment and mitigation strategies

The Future at TSB

TSB aims to continue its growth and innovation in the banking sector through the inclusion of digital banking services enhancement and sustainable financial products expansion. Starting 1 June 2024, the company will only accept cash deposits from account owners or authorised individuals, requiring others to use online or phone banking. This will help prevent financial crime and strengthen customer satisfaction and retention.

Additionally, the appointment of a new director signals TSB's commitment to strengthening its governance and risk management capabilities. This will support the bank’s strategy to modernise and navigate a complex regulatory landscape. These initiatives will help the company sustain itself while protecting its customers and adapting to the dynamic nature of New Zealand’s mortgage industry.