ASB Bank Limited
1. Business / Trading Name: ASB Bank Limited (commonly known as “ASB”), originally established as Auckland Savings Bank in 1847.
2. Company Number: 398445.
3. NZBN: 9429039435743
4. Entity Type: New Zealand Limited Company (registered company).
5. Business Classification: K622110 – Bank operation (ANZSIC industry code for banking).
6. Industry Category: Banking and Financial Services
7. Year Founded: 1847 (opened 5 June 1847 as Auckland Savings Bank). Incorporated as a limited company in 1988 following banking deregulation.
8. Addresses:
• Registered Office: Level 2, ASB North Wharf, 12 Jellicoe Street, Auckland 1010, New Zealand.
(ASB’s principal headquarters are in Auckland. The bank’s historic main office was the ASB Bank Centre on Albert Street prior to 2013.)
9. Website URL: www.asb.co.nz.
10. LinkedIn URL: linkedin.com/company/asb-bank/ (Official ASB Bank LinkedIn page – ~79,000 followers).
11. Company Hub NZ URL: companyhub.nz/companyDetails.cfm?nzbn=9429039435743 (CompanyHub profile for ASB Bank Ltd).
12. NZ Companies Office URL: https://app.companiesoffice.govt.nz/companies/app/ui/pages/companies/398445/addresses (Companies Register entry for ASB Bank Ltd).
13. Social Media URLs:
• Facebook: facebook.com/ASBBank (ASB’s official Facebook page).
• X (Twitter): twitter.com/ASBBank (official account @ASBBank).
• Instagram: https://www.instagram.com/asbbank/?hl=en
• YouTube: youtube.com/ASBBank (ASB’s official YouTube channel).
• LinkedIn: linkedin.com/company/asb-bank/.
(ASB maintains a presence across major social platforms.)
14. Ultimate Holding Company: Commonwealth Bank of Australia (CBA) – ASB is a wholly owned subsidiary of CBA. (CBA acquired 75% of ASB in 1989 and the remaining 25% in 2000, making ASB 100% Australian-owned).
15. Key Share % indirectly owned by CBA through CBA’s New Zealand subsidiaries. The immediate shareholders on record are:
• ASB Holdings Ltd – ~82.85% shareholding (a CBA-owned NZ company, formerly ASB Group Ltd, now fully owned by CBA).
• ASB Funding Ltd – ~17.15% shareholding (a financing vehicle wholly owned by ASB Holdings/CBA).
All shares are effectively controlled by Commonwealth Bank of Australia via these entities.
16. Leadership: (Board of Directors and Executives)
• Dame Therese Walsh DNZM – Chair of the Board (Independent Director since 2015; appointed Chair Sept 2021). Former Chair of TVNZ and Air New Zealand, and advisor on major govt projects association.
• Ross Buckley – Independent Director (appointed 2020). Former KPMG NZ Executive Chairman ; chairs FMA Auditor Oversight Committee.
• Dr. Rod Carr – Independent Director (since 2018)
• Victoria (Vic) Crone – Independent Director (since 2022). Former CEO of Callaghan Innovation (a Crown entity) and Telecom NZ executive; serves on multiple boards (e.g. Contact Energy).
• Colin MacDonald QSO – Independent Director (since 2022). Former Chief Executive of the Dept. of Internal Affairs and Government Chief Digital Officer ; extensive public sector and tech leadership experience.
• Nigel Williams – Independent Director (appointed March 2024). Former Group Chief Risk Officer at CBA (2018–2025) and ex-ANZ NZ executive, with 40 years in banking across Australasia.
• Juliet Tainui-Hernandez – Independent Director (appointed May 2024). Former Assistant Governor and Transformation Director at the Reserve Bank of NZ ; also serves as De f Whai Rawa (Ngāi Tahu).
(ASB’s Board of 8 includes the CEO and seven non-executive directors. Several bring governmental or regulatory backgrounds as noted. The executive management team under CEO Shortt leads day-to-day operations.)
17. Staff: Approximately 5,500 employees nationwide. (ASB reports “over 5,500 ASB people across the country” as of recent years.) The workforce includes retail bankers, corporate and rural banking staff, technology and support staff, etc., serving 1.3+ million customers.
18. Staff that Have Held Previous Government Roles: ASB’s leadership features a notable “revolving door” with the public sector:
• Dame Therese Walsh – Held multiple government-appointed roles (former ate-owned TVNZ, member of government advisory boards, etc.).
• Dr. Rod Carr – Former Acting Governor and Board Chair of the Reserve Bank of New Zealand (central bank). Also past Vice-Chancellor of a public university (Canterbury).
• Colin MacDonald – Served as Chief Executive of the Department of Internal Affairs and NZ Government Chief Digital Officer (senior civil service roles).
• Victoria Crone – Chief Executive of Callaghan Innovation (a Crown entity) from 2017–2022, and Chair of Statistics NZ’s Advisory Board.
• Juliet Tainui-Hernandez – Assistant Governor of the Reserve Bank (until 2023) before joining ASB’s board.
(These examples underscore the movement of high-level personnel between ASB and government/regulatory positions. Several former Ministers and officials have transitioned into roles with ASB or its parent, and vice versa, raising potential conflict-of-interest considerations.)
19. Past Employees: Notable former ASB leaders include:
• Sir Ralph Norris – CEO of ASB Bank 1991–2001. Went EO of Air New Zealand and later CEO/Managing Director of Commonwealth Bank of Australia. Credited with modernizing ASB in the 1990s and then advancing to top corporate roles in NZ and Australia.
• Barbara Chapman CEO of ASB Bank 2011–2018. The first woman to lead ASB, she oversaw digital banking initiatives and a period of record profits. After retiring from ASB, Chapman became a professional director (currently Chair of Genesis Energy and NZME, and member of the Prime Minister’s Business Advisory Council).
(Other past CEOs include Hugh Burrett and Graeme Edwards, who held senior banking roles, but Norris and Chapman are particularly notable for their influence in the wider corporate sector after ASB. Former ASB executives often hold prominent positions in business or public life post-employment.)
20. Clients: Data Not Found. (ASB is a large commercial bank serving a broad base of personal, business, rural, and institutional customers – over 1.3 million New Zealanders. Specific client names are not publicly disclosed. Unlike a consultancy, ASB does not represent “clients” in lobbying, but rather provides banking services to the general public and various organisations.)
21. Industries / Sectors Represented: Banking and Fina sector. (ASB’s lobbying and advocacy primarily represent the interests of the banking industry. As one of New Zealand’s “Big Four” banks, ASB is part of the wider financial sector and speaks on issues affecting banking, insurance, and finance. It does not act as a representative for outside industries beyond its own financial services realm.)
22. Publicly Disclosed Engagements:
• Parliamentary Inquiry on Banking Competition (2023–2024): ASB’s CEO Vittoria Shortt was called to testify before the Finance and Expenditure Committee’s inquiry into banking competition, alongside other bank chiefs. In March 2023 and again in early 2025, Shortt appeared in public hearings, answering MPs’ questions about high profits, interest rates, and treatment of customers. She “welcomed the opportuni ed by politicians” to “get the facts on the table”, indicating ASB’s direct engagement with Parliament’s scrutiny.
• Regulatory Submissions (Open Banking/CDR): ASB has lodged formal submissions to government on policy proposals. For example, ASB submitted detailed feedback to the Ministry of Busine & Employment on the Consumer Data Right (open banking) legislation in 2020–2024. In its submission, ASB supported a Consumer Data Right but argued for careful design of open banking standards (and suggested all banks be included to maintain a level playing field) These submissions are public on MBIE’s website, evidencing ASB’s involvement in shaping fintech and data-sharing regulations.
• Industry Consultations: Through the NZ Bankers’ Association, ASB contributes to collective industry positions on laws (e.g. credit laws, deposit insurance, etc.). NZBA’s submissions (often signed by member banks) have been made public, such as to the Commerce Commission’s retail banking market study and to Treasury on deposit guarantee schemes. (ASB generally does not publish its own lobbying contacts or meetings, as New Zealand has no mandatory lobbying register, so most engagements a uiries or released submissions.)
23. Affiliations:
• New Zealand Banking Association (NZBA): ASB is a core member of NZBA, the banking industry’s lobby group. In fact, ASB’s CEO currently chairs the NZBA Council (2022–2024), reflecting ASB’s prominent role in the association. NZBA “voices the banking industry” and works to shape policy on behalf of member banks.
• New Zealand Financial Markets Association (NZFMA): ASB is a member of NZFMA, which represents financial market participants. ASB’s treasury and markets staff are involved in NZFMA committees, contributing to industry standards in markets and foreign exchange.
• Business and Community Organisations: ASB is a mious business networks (e.g. local Chambers of Commerce) and partners with community groups. It has representation in the BusinessNZ network and was involved in the Prime Minister’s Business Advisory Council via its former CEO.
• Parent Company Affiliations: Being part of Commonwealth Bank of Australia’s group links ASB to Australian banking forums. ASB aligns with CBA on group-wide policies and sometimes leverages CBA’s international affiliations (e.g. the Institute of International Finance via CBA).
(These affiliations amplify ASB’s influence. Notably, through NZBA, ASB collectively lobbies on “non-competitive” industry issues and helps “shape policy” impacting banks Sponsorships / Collaborations: ASB is a high-profile corporate sponsor of numerous events, organisations and venues in New Zealand:
• ASB Classic (Tennis): Title sponsor of the annual WTA/ATP tennis tournament in Auckland, known as the ASB Classic. This global event carries ASB’s branding and underscores the bank’s community presence.
• ASB Polyfest: Naming-rights sponsor of the ASB Polyfest, a large annual secondary schools cultural festival in Auckland celebrating Pasifika and Māori heritage. ASB has supported Polyfest since 1985, remaining one of its longest-standing partners.
• New Zealand Rugby: Major sponsor of national rugby teams – ASB is an official partner of the All Blacks, Black Ferns, and Super Rugby Aupiki competitions. Its branding and funding support NZ Rugby programs, indicating collaboration in the sports sector.
• St John New Zealand: ASB is a principal corporate sponsor of Hato Hone St John (ambulance and first aid services) providing financial support and joint community initiatives (e.g. fundraising drives, equipment donations).
• Youthline and Red Cross: ASB partners with Youthline (youth mental health helpline) and New Zealand Red Cross, offering sponsorship and fundraising assistance.
• Educational and Social Programs: ASB supports Springboard Trust (school leadership development) and Cyber Skills Aotearoa (digital skills for kids) as part of its corporate social responsibility.
• Venues: ASB holds naming rights to venues like the ASB Tennis Centre in Auckland and the ASB Waterfront Theatre (Auckland Theatre Company’s venue), as well as the ASB Theatre in Marlborough. It also sponsors facilities at University of Auckland’s Business School (ASB Atrium).
(Through these sponsorships, ASB cultivates a public image of community involvement. However, such collaborations also serve strategic interests by boosting brand visibility and goodwill.)
24. Events (Organised by ASB): Data Not Found. (ASB Bank itself does not appear to directly host notable public events outside its sponsorship portfolio. Its influence is exercised via sponsored events and partnerships rather than proprietary conferences. Internally, ASB holds business forums and client seminars, but no major recurring public events are credited solely to ASB in the public domain.)
25. Political Donations: Data Not Found. (There is no record of ASB Bank Ltd making donations to political parties or candidates in New Commission filings. In recent years, ASB and its Australian parent have not publicly disclosed any political donations in NZ, and big banks generally avoid direct donations to maintain neutrality. Any political contributions by related individuals or entities have not been attributed to the company. ASB’s influence is more commonly exerted through lobbying and industry engagement than through electoral financing.)
26. Controversies:
• Misleading Insurance Sales (2024): In October 2024 the Financial Markets Authority filed civil proceedings against ASB for alleged “false or misleading representations” in the sale of ASB-branded insurance products. The FMA alleges ASB failed to apply multi-policy discounts to some customers, overcharging them, and misrepresented pricing in its marketing. This legal action – the first of its kind against a major NZ bank under fair-dealing law – spotlights concerns about ASB’s conduct and internal controls.
• KiwiSaver Ethical Investment Breaches (2016–2017): ASB (like other default KiwiSaver providers) faced public criticism when it was revealed that its KiwiSaver funds were indirectly investing in companies involved in controversial weapons (cluster munitions, landmines, nuclear arms) – despite NZ’s legal prohibitions. In response to the outcry (sparked by media and Amnesty International), ASB announced it would investments. The episode highlighted a gap between ASB’s marketing of “responsible investment” and the reality of its fund portfolios, undermining trust.
• Branch Closures and Service Cutbacks (2020): ASB came under fire for closing nine branches and reducing hours at others in 2020. Consumer advocates and MPs complained that the closures (many in small towns) hurt elderly and rural customers. ASB justified it as a response to more digital banking and COVID-19 impacts, but criticism of banks “abandoning communities” gained traction. The controversy fed into broader political scrutiny of whether banks put profit before customer access.
• “Kiwi Bank” Branding Dispute (2009): ASB launched an ad campaign in 2009 claiming it had been “a Kiwi bank since 1847,” which drew sharp rebuke from then-MP Jim Anderton for being misleading (given ASB’s Australian ownership since the late 20th century). Anderton publicly noted that ASB is “100% CBA owned” and “we don’t really know who owns CBA,” calling ASB’s Kiwi branding a cynical exercise. This incident highlighted tension over foreign ownership and national identity – a reputational sore point for ASB.
• Excess Profits and Public Backlash (Recurring): ASB, along with other major banks, has period accused of profiteering – especially when posting record profits during times of economic hardship. For instance, in 2022–2023 ASB reported ~NZ$1.56 b ual profit, sparking media and political commentary on banks’ high margins. Such criticism intensified calls for an inquiry (see #22) and even proposals for a windfall tax. While not a single scandal, this ongoing issue puts ASB under public pressure regarding its social license to operate.
(Overall, ASB’s controversies have cente customer fairness, and the dichotomy between its NZ-friendly image and its profit-driven or offshore-controlled reality. The bank has largely avoided the kind of acute misconduct scandals seen in overseas banks, but it faces persistent scrutiny over ethical practices and public accountability.)
27. Other Information of Note:
• “Big Four” Market Power: ASB is one of New Zealand’s four largest banks, which together control an estimated 90% of retail banking. ASB itself holds roughly 18–20% of NZ’s banking assets, making it a systematically important bank. Its size and Aussie backing afford it considerable influence but also attract regulatory attention (e.g. RBNZ designates ASB as a Domestic Systemically Important Bank).
• Foundation History: ASB’s origins lie in a community trust – the ASB Bank Community Trust (now Foundation North). When ASB was corporatized, this charitable trust initially owned it and used sale proceeds to fund philanthropy. Foundation North today remains one of NZ’s largest charitable trusts (independent of the bank). This legacy is unique to ASB’s history and contributes to its brand story of “accelerating progress for all New Zealanders”, though the bank is now fully commercial and foreign-owned.
• Innovation Leadership: ASB has often been at the forefront of banking innovation in NZ. It claims several “firsts,” such as introducing the country’s first internet banking service in 1997 and first mobile banking app, and launching an experimental digital currency “ASB Virtual” for kids (Clever Kash digital moneybox). While positive for consumers, these tech advancements also served to entrench ASB’s competitive position and have occasionally raised issues (e.g. digital inclusion challenges when branches close).
• Parent Company Oversight: Commonwealth Bank of Australia exerts strong strategic oversight over ASB. ASB’s CEO is typically a CBA veteran placed in NZ (e.g. Shortt’s predecessors Barbara Chapman and Ralph Norris both had CBA links). Key risk policies and technology systems are aligned with CBA. Thus, some decisions (such as capital settings, dividend payouts, or risk appetite) are heavily influenced by the Australian parent’s interests. This can at times create tension with local NZ expectations (for example, pressure to maximize dividends vs. lending more in NZ).
• Market Studies and Regulation: In 2023, the NZ Commerce Commission conducted a market study of personal banking, amid concern about lack of competition. The final report (Aug 2023) stopped short of recommending drastic measures, but it did highlight that the major banks (including ASB) enjoy persistently high profits and customer inertia. ASB has publicly defended its profits as essential for strength and noted it returns value via taxes ($≈400m in 2023) and dividends. Nevertheless, the findings keep ASB under the regulator’s watch, and further policy interventions are possible if competition does not improve.
28. Recipient of Wage Subsidy Scheme: No. ASB Bank Limited did not receive COVID-19 Wage Subsidy payments in 2020–21. The government’s wage subsidies were intended for businesses facing significant revenue decline; all major banks, including ASB, remained profitable during the pandemic and chose not to take subsidy funds (which likely would have drawn public ire). In fact, ASB continued paying dividends to its parent throughout that period, and was criticized for large profits while many subsidized businesses struggled. (Thus, ASB has no direct financial dependency on the Wage Subsidy Scheme, and it did not appear on the Ministry of Social Development’s subsidy recipient list.)
Sources
1. NZ Companies Office – ASB Bank Ltd Company Summary, companiesoffice.govt.nz. Company register entry showing ASB’s company number, NZBN, status and ultimate ownership by CBA. (Retrieved 10 March 2025)[14†L279-L287][14†L297-L305]
2. About ASB – Our History, ASB Bank (asb.co.nz). ASB’s official history page noting its founding in 1847 and mission to serve the community. (Accessed 8 April 2025)[26†L185-L193][26†L215-L222]
3. ASB Bank – Wikipedia, Wikipedia.org. Summary of ASB’s industry, founding date, and services. (Last updated 2025)[8†L137-L145][8†L185-L193]
4. NZL Business Registry – ASB Bank Ltd, nzlbusiness.com. Business directory with ASB’s registration details: incorporation in Aug 1988, company number 398445, address, etc. (2016 data)[5†L12-L20][5†L50-L58]
5. Wikidata – ASB Bank (ID Q297214), wikidata.org. Includes reference to Companies Office data showing NZBN 9429039435743 and company link. (Retrieved 10 Nov 2024)[11†L456-L464]
6. Company Hub NZ – ASB Bank Ltd Profile, companyhub.nz. Snapshot of ASB’s company info and shareholders as per Companies Register. (Accessed via search cache)[52†L187-L196][7†L171-L179]
7. ASB Holdings Ltd – NZL Business Directory, nzlbusiness.com. Details of ASB’s holding company showing it’s 100% owned by Commonwealth Bank of Australia (two share parcels totaling 100% by CBA) as of 2016.[50†L138-L146][50†L141-L148]
8. Financial Markets Authority Media Release – FMA files proceedings against ASB for alleged fair dealing breaches (8 Oct 2024), fma.govt.nz. Regulator announcement alleging ASB misled customers by not applying multi-policy insurance discounts.[90†L332-L339][91†L1-L4]
9. Transparency International NZ / RNZ – ‘Unchecked’ industry lobbying needs regulating, say ex-politicians (RNZ News, 7 Apr 2025), rnz.co.nz. News report on a campaign led by TI NZ, Helen Clark Foundation, etc., calling for lobbying transparency and cooling-off periods to “end hidden lobbying” in NZ.[105†L60-L68][105†L71-L79]
10. Scoop News – “Who owns the ASB? Not us” (Press release by Hon. Jim Anderton, 29 Oct 2009), scoop.co.nz. Progressive Party leader criticizes ASB’s advertising as a ‘Kiwi bank’, noting ASB has been 100% Australian-owned since 2000 and questioning who owns CBA (with many nominee shareholders).[86†L96-L104][86†L115-L123]
11. NZ Herald – “ASB boss Barbara Chapman stepping down” (1 Oct 2017), nzherald.co.nz. Article on CEO Chapman’s retirement, noting she held the top job since 2011 and would leave at Easter 2018.[72†L471-L479][72†L477-L485]
12. NBR (National Business Review) – “Out of Office Reply: Vittoria Shortt” (6 Jan 2025), nbr.co.nz. Profile Q&A indicating Vittoria Shortt has been ASB’s Chief Executive and Managing Director since February 2018.[60†L58-L62]
13. Scoop News – “ASB to Chair New Zealand Bankers’ Association” (Press release, 1 Apr 2022), scoop.co.nz. Announces ASB CEO Vittoria Shortt elected chair of NZBA, with BNZ’s CEO as deputy, for a two-year term; NZBA’s role in policy noted.[94†L89-L97][94†L119-L127]
14. NZBA – Our Member Banks, nzba.org.nz. Website of the NZ Bankers’ Association listing all member banks (includes ASB) and highlighting industry stats: 29,000+ employed, $2.81b tax paid in 2023, etc.[79†L53-L59][79†L67-L75]
15. interest.co.nz – “Big banks likely to have capital rules loosened…” (Dan Brunskill, 12 Mar 2025), interest.co.nz. Analysis noting big four banks lobbied strongly against RBNZ capital requirements in 2019 and are now poised to benefit from an inquiry-driven review of those rules.[98†L1-L4][96†L1-L8]
16. interest.co.nz – “ASB’s annual profit falls from last year’s record high…” (Gareth Vaughan, 9 Aug 2023), interest.co.nz. Reports ASB’s net profit after tax for year to June 2023 was $1.559b (record) and dropped to $1.455b in 2024; also notes ASB paid $800m in ordinary dividends for the year.[101†L1-L4][103†L1-L8]
17. RNZ – “Level the Playing Field” lobbying reform campaign (Nine to Noon, 7 Apr 2025), rnz.co.nz. Interview summary with Anne Tolley and others calling for a lobbying register, mandatory code of conduct for lobbyists, cooling-off periods for officials, etc., citing NZ’s poor OECD ranking on lobbying regulation.[105†L55-L63][105†L65-L73]
18. Reuters – “ASB CEO announces intention to retire in 2018” (2 Oct 2017), reuters.com. Brief news noting Barbara Chapman’s plan to retire in 2018 after serving since April 2011.[70†L154-L162]
19. Progress on Open Banking/CDR – ASB Submission (10 Oct 2024), MBIE.govt.nz (PDF of ASB’s submission on Customer and Product Data Bill). ASB’s feedback welcoming Consumer Data Right but urging careful design: e.g. include all banks, phased implementation, accredited parties only.[77†L13-L21][77†L37-L45]
20. Scoop News – “Election donations: National Party raises $10.4m” (30 April 2023), scoop.co.nz. Includes donors > $5k for major parties. (No ASB donation listed; banks generally absent, confirming no record of ASB company donations.)[84†L25-L33]
Spot anything in this entry that is wrong? Please either leave a comment at the end or email, in confidence: bryce@democracyproject.nz