Since 2020 the NZX has gained 34 listings and lost 37. The exchange operator is thriving anyway, as a fund manager.
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New Zealand Banking & Finance
The Australian-owned Big Four, Kiwibank, the NZ Super Fund, KiwiSaver and the NZX: who holds New Zealand’s money and how its capital market works.
- 5 guides
- Updated Oct 4, 2026
Latest in New Zealand Banking & Finance
KiwiSaver: How a Savings Scheme Built New Zealand’s Fund Industry
KiwiSaver holds about NZ$148bn for 3.4 million members and pays managers about NZ$1bn a year. Banks are losing their grip on it.
NZ Super Fund: How a Small Country Built a Top Sovereign Wealth Fund
A NZ$94bn fund with under 200 staff has beaten its own benchmark by NZ$22bn. The method is simpler than its results suggest.
Kiwibank: How a Post Office Bank Became New Zealand’s State-Owned Challenger
Kiwibank wins one in nine new mortgages but earns half its rivals’ returns. Its owner cannot decide who should pay for growth.
The Big Four: Why Australian-Owned Banks Dominate New Zealand Finance
Four Australian-owned banks earn close to NZ$7bn a year in New Zealand. A regulator called it an oligopoly; fixing it is harder.
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