ASB

Office address: Level 2, ASB North Wharf, 12 Jellicoe Street, Auckland 1010
Website: www.asb.co.nz
Year established: 1847
Company type: financial services
Employees: 5,500+
Expertise: banking, investments, KiwiSaver, private banking, retail banking, business banking, corporate banking, wealth management, rural banking, and insurance
Parent company: Commonwealth Bank of Australia, ASB Holdings Limited
Key people: Vittoria Shortt (CEO and MD), Adam Boyd (EGM personal banking), Amie Nilsson (CRO), David Bullock (EGM technology and operations), Carl Ferguson (CFO), Lohit Kalburgi (CTO), Jonathan Oram (EGM corporate banking)
Financing status: N/A

ASB is a banking institution that provides mortgage, personal loans, insurance, investment, KiwiSaver, and other financial solutions. With over a century of experience, the company has served over 1.3 million customers. Headquartered in Auckland, it manages around $20 billion in assets and employs over 5,500 people.

History of ASB

ASB was established in 1847 as Auckland Savings Bank, with the goal of promoting savings and prosperity within the community. In 1987, it transitioned from a savings bank to a full-service commercial bank, expanding its offerings significantly. In the 90s, it was the first to introduce internet banking and and mobile phone banking to the New Zealand market.

In 2006, ASB launched pago, a virtual wallet, and became the only New Zealand bank to offer browser-based mobile banking via FastNet on PDAs. The bank introduced a world-first Virtual Branch on Facebook for secure banking chats in 2010. It launched Support Finder in their mobile app in 2021 to help customers access government support and selected Microsoft Azure as their preferred cloud provider.

Products and Services of ASB

ASB offers a comprehensive range of financial products and services designed to meet diverse customer needs. Key offerings include:

• first home loans: tailored mortgages to assist first-time home buyers
• next home loans: financial solutions for existing homeowners looking to move
• investment property loans: mortgages designed for purchasing rental properties
• refinancing options: solutions to help customers refinance their existing mortgages
• business banking: comprehensive services for small and large businesses
• wealth management: investment services and financial planning to grow and protect wealth
• insurance products: a range of insurance solutions to protect assets and income

Culture at ASB

ASB's purpose is to accelerate progress for all New Zealanders, reflecting the 'why' behind every action. Employees play a vital role in making a real difference in the lives of customers, communities, the environment, and the economy. The company provides numerous perks and benefits, which include:

• financial support:
  • special discounts on banking products and insurance
  • group life and income protection insurance and matched charitable donations
• career growth:
  • competitive salaries and professional development opportunities
  • diverse and inclusive culture in a modern office environment
• family assistance:
  • parental leave top-up payments and paid partner leave
  • flexible work options and enhanced leave policies
• personal time:
  • annual leave and additional purchasable leave
  • special leave options and volunteer leave
• health and wellness:
  • discounted health insurance and EAP counselling
  • annual flu vaccinations, health app access, and a gym membership

The company is committed to supporting communities through various sponsorships and initiatives aimed at fostering growth and development. The bank actively engages in programs that promote financial literacy, environmental sustainability, and community well-being. The firm's dedication is evident in its broad range of community-focused projects, such as:

• community partnerships: Youthline, Hato Hone St John, KidsCan, New Zealand Red Cross, and Cyber Skills Aotearoa
• sports sponsorships: ASB Classic, All Blacks and Black Ferns, Zealand Falcons, and many more
• arts and culture: ASB Polyfest is a four-day festival that celebrates Polynesian culture
• youth sponsorships: ASB GetWise is a financial literacy program, and Springboard Trust enhances school leadership
• stadiums and venues: ASB Auckland Waterfront Theatre, ASB Theatre Marlborough, and ASB Tennis Centre host various events and performances

The bank is dedicated to creating a sustainable future by integrating environmental, social, and governance practices into its operations. The company focuses on reducing carbon emissions, promoting sustainable finance, and fostering community resilience. It aims to contribute positively to the environment and society through various strategic initiatives, including:

• obtained Toitū Envirocare net carbonzero certification
• reduced greenhouse gas emissions by 24% since 2019
• launched ASB Better Homes Top-up for eco-friendly home improvements
• committed to zero waste to landfill by 2025 and renewable energy projects
• implemented a sustainable supply chain policy
• supported biodiversity through the Trees That Count program

The bank values connection, belonging, and family, aiming to help New Zealanders achieve their goals. By supporting customers, employees, and the community, the firm enables more Kiwis to build their desired future. Activities that uphold these principles include:

• Community networks for promoting DI&B:
  • Flex-able is an employee-led flexible work arrangement scheme
  • Families at Work supports all types of families
• Māori at ASB:
  • Te Waka Whaihua navigates pathways for Māori prosperity
  • Te Reo Māori and Māori values are integrated principles in their operation
• Inclusion and Diversity:
  • Neurodiversity Network Group helps neurodiverse individuals
  • Fusion Network Group celebrates diverse cultures and languages
  • Unity Network Group supports the Rainbow community

About ASB CEO and Managing Director Vittoria Shortt and Key People

Vittoria Shortt has been serving as the CEO and managing director of ASB since 2018. Shortt's professional history includes holding various executive and senior roles in companies like Commonwealth Bank and Bankwest. She holds a Bachelor of Management Studies in accounting and finance from Waikato University and is a Fellow Chartered Accountant with CA ANZ.

The key people that support Shortt in leading the company include:

• Adam Boyd, as EGM in personal banking, oversees personal banking services and customer relationships
• Amie Nilsson, serving as chief risk officer, manages the company's risk framework and compliance
• David Bullock, as EGM in technology and operations, leads technology advancements and operational efficiencies
• Carl Ferguson, as chief financial officer, directs financial strategy and overall financial performance
• Lohit Kalburgi, chief transformation officer, drives strategic transformation initiatives within the company
• Jonathan Oram, serving as EGM corporate banking, handles corporate banking services and large client relationships

The Future at ASB

ASB's future aims to enhance its innovative capabilities and customer-centric approach. The bank's recent partnership with the Hidden Disabilities Sunflower program displays its commitment to inclusivity. This initiative helps create a more supportive environment for customers with hidden disabilities, enhancing their banking experience.

The bank’s involvement in New Zealand's infrastructure development, projected to cost one trillion dollars, highlights its role in the nation's economic growth. This investment will improve essential services and support long-term sustainability, benefitting both the economy and the company. Overall, the firm will continue to focus on sustainable growth and innovation, driven by customer satisfaction and community involvement.