ASB Bank

Financial services company

About

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ASB Bank, commonly stylised as ASB, is a bank owned by Commonwealth Bank of Australia, operating in New Zealand. It provides a range of financial services including retail, business and rural banking, funds management, as well as insurance through its Sovereign Limited subsidiary, and investment and securities services through its ASB Group Investments and ASB Securities divisions.
ASB Bank
Definition
ASB Bank, commonly stylised as ASB, is a bank owned by Commonwealth Bank of Australia, operating in New Zealand. It provides a range of financial services including retail, business and rural banking, funds management, as well as insurance through its Sovereign Limited subsidiary, and investment and securities services through its ASB Group Investments and ASB Securities divisions.
ASB Bank
ASB Bank
ASB Bank, commonly stylised as ASB, is a bank owned by Commonwealth Bank of Australia, operating in New Zealand. It provides a range of financial services including retail, business and rural banking, funds management, as well as insurance through its Sovereign Limited subsidiary, and investment and securities services through its ASB Group Investments and ASB Securities divisions.

Mentions

ANZ's NZ subsidiary is comparatively larger, accounting for more than 20 per cent of its parent's assets, than the National Bank of Australia-owned Bank of New Zealand at a bit over 14 per cent, Westpac's at 13.5 per cent and Commonwealth Bank of Australia-owned ASB Bank at not quite 11 per cent.

Directors from ANZ, ASB, BNZ, Westpac, Kiwibank, Rabobank, The Cooperative Bank, SBS Bank, Heartland Bank, Bank of China and Bank of Baroda were interviewed by Deloitte. According to the report, 99% of respondents said they have not signed an attestation collectively while having their own reservations.

ANZ, Westpac and ASB all told RNZ there is no disruption to their customers. An ASB spokeswoman said Travelex does not hold data on any of its customers, and a Westpac spokesman said it is working with Travelex.

Ann Sherry was previously head of Westpac and ASB's CEO is Barbara Chapman, who will step down from the top job next year.

ANZ's one year and eighteen month rates are still competitive, sitting in the middle of the pack. Among the main banks, ASB and Westpac have lower one year rates (as does TSB based on its "price match promise" policy). Some smaller locally owned challenger banks also have lower offers.

ASB boss Vittoria Shortt says New Zealand is headed into a period of lower growth and faces a number of challenges including the local and US elections, coronavirus and potential productivity constraints.

"We expect growth will turn out to be weaker than the RBNZ's new [weaker] forecasts," ASB chief economist Nick Tuffley said.

ASB's first-half net profit fell 5 per cent, mostly reflecting a loss on the sale of its funds administration business and a flat underlying result. The bank reported a net profit of $599 million for the six months ended December, including a $28m loss from selling Aegis last year, compared with $630m in the same six months a year earlier.

Watson's appointment meant three of the four major Australian banks, ANZ, ASB and BNZ, had women leading their New Zealand divisions.

See also

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