ASB Bank
Encyclopedia
ASB is a New Zealand
bank owned by the Commonwealth Bank of Australia
, which is listed on the Australian Stock Exchange
. It is one of the largest New Zealand banks, with branches throughout the country. It operates BankDirect
, a branchless banking service that provides service via phone, Internet
, eftpos
and ATM
s only. ASB also has insurance and securities arms.
ASB participates in pago, pronounced "paygo", launched in November 2006, which is an electronic payment service that allows anyone with a New Zealand bank account to send cleared funds via mobile phone or the internet to another person or participating retailer in real-time.
The bank has had a series of successful commercials with the Ira Goldstein
character.
under the name, ASB Bank. In 1988, the Government passed the Trustee Banks Restructuring Act, which enabled ASB to become a public company. In 1989, the owner of the bank, ASB Bank Community Trust, sold 75% of the shares to Commonwealth Bank. In 1994, ASB amalgamated Westland Bank
, its wholly owned subsidiary, which enabled it to operate on a truly national basis. In 1999, ASB Group 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% of ASB's shares from the Trust. In 2005 the bank changed the ASB Bank brand to ASB to reflect the more integrated financial services provider that it had become.
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
bank owned by the Commonwealth Bank of Australia
Commonwealth Bank of Australia
The Commonwealth Bank of Australia is a multinational bank with businesses across New Zealand, Fiji, Asia, USA and the United Kingdom. Commonwealth Bank provides a variety of financial services including retail, business and institutional banking, funds management, superannuation, insurance,...
, which is listed on the Australian Stock Exchange
Australian Stock Exchange
The Australian Securities Exchange was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group in Australia....
. It is one of the largest New Zealand banks, with branches throughout the country. It operates BankDirect
BankDirect
BankDirect is a division of the Australian owned ASB bank, providing internet and phone based banking in New Zealand.-History:BankDirect began in October 1997 and was the only bank in New Zealand to only operate via Internet and phone without any physical branches...
, a branchless banking service that provides service via phone, Internet
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
, eftpos
EFTPOS
EFTPOS is the general term used for debit card based systems used for processing transactions through terminals at points of sale. In Australia and New Zealand it is also the brand name of the specific system used for such payments...
and ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
s only. ASB also has insurance and securities arms.
ASB participates in pago, pronounced "paygo", launched in November 2006, which is an electronic payment service that allows anyone with a New Zealand bank account to send cleared funds via mobile phone or the internet to another person or participating retailer in real-time.
The bank has had a series of successful commercials with the Ira Goldstein
Ira Goldstein
Ira Goldstein is a fictional character played by Stephen Mellor, who appears in television and radio commercials for ASB Bank in New Zealand. The commercials were screened from January 2000 to October 2010 and were produced by TBWA / Whybin agency....
character.
History
ASB 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. In 1986, ASB withdrew from the Trust Bank and in 1987 became a full-fledged commercial bankCommercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
under the name, ASB Bank. In 1988, the Government passed the Trustee Banks Restructuring Act, which enabled ASB to become a public company. In 1989, the owner of the bank, ASB Bank Community Trust, sold 75% of the shares to Commonwealth Bank. In 1994, ASB amalgamated Westland Bank
Westland Savings Bank
Westland Savings Bank was one of 14 regional trustee savings banks operating in New Zealand. WSB was based on the West Coast of the South Island of New Zealand. Formed as a savings bank under special banking legislation that separated savings banks from trading banks.The bank operated for the good...
, its wholly owned subsidiary, which enabled it to operate on a truly national basis. In 1999, ASB Group acquired Sovereign Limited
Sovereign Limited
Sovereign Limited is a financial services company that provides life and health insurance, home loans, investment and superannuation products in New Zealand and is part of the ASB Group of companies.-History:...
, a life insurance company, and the retail stockbroking and fixed income operations of Warburg Dillon Read
Warburg Dillon Read
Warburg Dillon Read was an investment bank created by the Swiss Bank Corporation , following its 1997 acquisition of S. G. Warburg & Co. which it merged with Dillon, Read & Co., a firm it had acquired in 1995. SBC itself merged with the Union Bank of Switzerland in 1998, creating UBS AG...
. In 2000, Commonwealth Bank bought the remaining 25% of ASB's shares from the Trust. In 2005 the bank changed the ASB Bank brand to ASB to reflect the more integrated financial services provider that it had become.