|
|
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 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 owner of the
bank, ASB Bank Community Trust, sold 75% of the shares to Commonwealth Bank.
Today, 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 ATMs only. ASB also
has insurance and securities arms.
|
|
|
