ASB Bank: One of New Zealand's largest banks

ASB Bank is one of New Zealand's largest banks, with branches throughout the country. It also has insurance and securities arms. It is a subsidiary of Commonwealth Bank of Australia.

ASB Bank also operates BankDirect, a branchless banking service that provides service via phone, Internet, eftpos and ATMs only.

History

ASB Bank began in 1847 as the Auckland Savings Bank. During the 1980s the association of savings banks amalgamated the local savings banks throughout New Zealand with ASB at their head, and adopted the name ASB Trust Bank - a name which suffers from RAS syndrome. In 1986, ASB withdrew from the Trust Bank and in 1987 became a fully-fledged commercial bank simply to be known as ASB Bank. In 1988, the Government passed the Trustee Banks Restructuring Act, which enabled ASB to become a public company. In 1989, the ASB Bank Community Trust, the owner of the bank, sold 75 per cent of the shares to Commonwealth Bank of Australia, the Australian government-owned bank. In 1994, ASB Bank amalgamated Westland Bank, its wholly owned subsidiary, which enabled it to operate on a truly national basis. In 1999, ASB acquired Sovereign Limited, a life insurance company, and the retail stockbroking and fixed income operations of Warburg Dillon Read. In 2000, Commonwealth Bank bought the remaining 25 per cent of ASB's shares from the Trust.

Tags: Asb, Bank, Miscellaneous, New Zealand, Nz

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