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PSIS turns Co-operative

PSIS, the largest credit union in New Zealand, yesterday succeeded in obtaining registration as a bank.It will soon trade under the name The Co-operative Bank.PSIS has 130,000 members and assets of NZ$1.5 billion. Its market share in New Zealand is less than one per cent.It made a pre-tax profit in the year to March 2011 of NZ$9.3 millionSteven Fyfe, a former deputy CEO of ANZ in New Zealand, and Ross Wilson, a former president of the New Zealand Council of Trade Unions, will join the board.

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