Utilize the input text as a context reference, choose the right relationship between Xero and New Zealand from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

NAB and Xero have a long relationship; when Xero listed in New Zealand in 2007, one of its initial equity investors was NAB's New Zealand subsidiary, BNZ.

Answer: location_of_formation