Enduring Service Award: SBS Bank celebrates 150 years

Enduring Service Award: SBS Bank celebrates 150 years

SBS Bank’s CEO Shaun Drylie (left) collected our Enduring Service Award from Cooperative Business NZ’s Chairman Jonathan Lee.

Cooperative Business NZ CEO Craig Presland said the organisation’s longevity and endurance is hugely impressive, as is its commitment to innovation and community service.

In recent years, a re-brand successfully positioned SBS as a modern, distinctive, vibrant challenger bank which celebrates its proud Southland roots, while achieving growth in key markets like Auckland.”

“Today, it is this country’s largest building society with 16 branches nationwide, mobile mortgage managers in Auckland and Christchurch and a full online banking service. Mutual ownership means SBS Bank is uniquely positioned to benefit its members.”

SBS Bank is believed to be the first building society in the world to have achieved bank registration, in 2008, while retaining its mutual structure.

“This member-owned bank ensures profits are re-distributed back to customers each year and therefore retained locally, otherwise invested into local communities. This contrasts with our four major retail banks, all Australian-owned, which send much of their five billion Kiwi dollars in annual profits offshore.”

SBS Bank became Cooperative Business NZ’s 100th member three years ago in 2016. Current membership now sits at 116.