Registered banks may conduct banking operations in New Zealand, and there is a relatively open policy on the entry of new registered banks to the market. The banks with the largest presence in New Zealand are the five principal retail banks:
(a) ANZ Bank New Zealand Limited;
(b) ASB Bank Limited;
(c) Bank of New Zealand;
(d) Westpac New Zealand Limited; and
(e) Kiwibank Limited (owned by and operated through New Zealand’s national postal operator).
Of these, all but Kiwibank are owned by larger Australian banks.