ASB is one of New Zealand's largest banks, with branches throughout the country. It operates BankDirect, a branchless banking service that provides service via phone, Internet, eftpos and ATMs only. ASB also has insurance and securities arms.
ASB participates in pago, pronounced "paygo" pago, 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.
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 fully-fledged commercial bank 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 ASB Bank Community Trust [1], the owner of the bank, sold 75 per cent 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 per cent 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.
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