Office address: 51 Don Street, Invercargill 9810
Website: www.sbsbank.co.nz
Year established: 1869
Company type: banking
Employees: 250+
Expertise: home loans, financial services, property, first home buyer, reverse equity mortgages, term investments, savings and wealth management, bank accounts, cards and apps, insurance, rate calculators, saving accounts, investments
Parent company: N/A
Key people: Mark McLean (group CEO), Joe O’Connell (chairperson), Hamish Mckenzie (GM people and support), Rowena Thompson (group CRO), Jeff Mitchell (CFO), Shane Evans (CTO)
Financing status: N/A
SBS Bank is a mutual bank offering home loans, insurance, and investment services through 15 branches and 24/7 banking across New Zealand. Operating for over 150 years, it manages $6.5 billion in assets, with $525 million in members' equity and $4.5 billion in deposits as of 2024. As a mutual bank, its customers are also its owners.
SBS Bank began in 1869 as the Southland Building, Land and Investment Society, founded by James Walker Bain, who journeyed from Dunedin to Invercargill. The initial goal was to provide southern residents with a safe place for their savings and the means to obtain home mortgages. In 1876, the institution was renamed Southland Building and Investment Society and Bank of Deposit, focusing on secure money storage and home ownership opportunities.
The name changed to Southland Building Society in 1995, then finally became SBS Bank in 2008. In 2010, Hastings Building Society merged with SBS Bank, fully amalgamating in 2015. By 2023, the bank's growth was highlighted by winning a significant award for the second consecutive year.
The bank offers a range of financial products and services designed to meet the needs of their diverse clientele:
SBS Bank is dedicated to providing genuine Kiwi service, offering consistently low home loan rates and award-winning financial solutions. The company also offers everyday banking, investment services, and more to benefit its members.
The bank's staff members are stated to be ready to embrace the company’s ambitious goals. They look for passionate trailblazers from diverse backgrounds eager to shape the future of banking. With a small bank mentality and a big heart, SBS Bank fosters a supportive culture that celebrates unique perspectives and contributions:
SBS Bank’s commitment to diversity and inclusion is deeply embedded in their culture, reflecting their sustainability vision to positively impact people, members, and the community. Sustainability is integral to the bank, guiding ethical practices and value growth. As a member-owned bank, they emphasise doing the right thing and fostering an inclusive environment:
The institution takes pride in supporting a diverse range of groups and clubs within local communities, reflecting their commitment to doing the right thing daily. As a member-owned bank, they emphasise community engagement and support for various initiatives, from arts and culture to sports and recreation. Their dedication to inclusivity and sustainability ensures they actively contribute to the well-being of Kiwis in their own backyard:
SBS Bank's values, crafted by their employees, emphasise integrity, trust, and respect in all interactions. They promote a collaborative culture, fostering strong relationships across the organisation. Their commitment to professionalism, transparency, and positive energy defines their approach, encouraging everyone to take ownership of their actions.
Mark McLean was appointed as group CEO of the bank in 2022, following a long-term membership in the company. He held directorial positions at L R McLean Properties and Finance Now and high positions at ABN AMRO Group and Deloitte. McLean holds a BCom in accounting and marketing from the University of Otago.
McLean is supported by a dedicated team of key individuals who help operate the bank and drive its strategic initiatives forward:
The bank’s future looks promising as it continues to support and strengthen its community initiatives. As a founding partner, the bank committed a $5 million interest-free loan to establish the Southland Foundation and expand its community impact. This initiative highlights SBS Bank’s dedication to community development, ensuring long-term growth and sustainability for the bank and the Southland region.
The SBS Group has recently achieved Toitū CarbonReduce™ certification and made its first public Climate-Related Disclosure, marking significant milestones in its sustainability journey. This accomplishment demonstrates the bank's commitment to reducing emissions and addressing climate-related risks and opportunities. Looking forward, they aim to build on these achievements, further integrating sustainability into their operations and enhancing benefits for their members.
Borrowing power on the rise
March deadline fast approaching
NZ adviser explores SBS Bank's 5.99% 3-year fixed rate
The win recognises the bank’s offer for first-home buyers
Alleged fraudster is using social media to lure victims
The bank also makes it easier for Kiwis to buy their first homes
Also revealed is what banks used the FLP money for
But the bank still lags industry performance benchmarks and is gradually losing market share
The funding is available over a two-year period running until Dec. 6 this year
Mortgage products also successful
