ASB Bank Limited (ASB) is a wholly owned subsidiary of the Commonwealth Bank of Australia (CBA) and a full service, nationally operating bank in New Zealand.
Founded in 1847 as the "Auckland Savings Bank", the bank was 75% acquired by CBA in 1989 and became a full subsidiary in 2000. Today we serve over 1.8 million individual, business and rural customers across New Zealand.
Funding Strategy
ASB Treasury’s funding strategy is driven by the nature of ASB’s (the bank) business and its balance sheet. Over half of the bank's assets are residential mortgages and the bank is primarily funded through customer deposits. ASB Treasury strives to match fund the behavioural maturity of ASB’s assets. Long term wholesale funding is used to meet the residual core funding task, while short term wholesale funding is primarily used to fund liquid assets.
ASB Treasury seeks to diversify the bank’s funding across formats, currencies and tenors. To achieve this, ASB participates in short and medium term borrowing programmes in domestic and offshore markets.
ASB Treasury’s funding programmes in these markets include:
- US Commercial Paper
- Euro Medium Term Notes (EMTN)
- US Medium Term Notes (USMTN)
- Covered Bonds
- Domestic Medium Term Notes
ASB Treasury manages funding and liquidity to meet the Reserve Bank of New Zealand's (RBNZ) prudential standards for one month and one week mismatch ratios (similar to LCR) and the core funding ratio (similar to NSFR). ASB funding also contributes to the liquidity position of its parent, Commonwealth Bank of Australia, which is regulated by the Australian prudential regulator APRA. ASB manages to Board and ALCO mandated internal stress tests and APRA/RBNZ liquidity and funding stress scenarios.
Amalgamation of ASB Finance Limited and ASB Bank Limited
Investor Frequently Asked Questions
Investor Presentations
Latest Debt Investor Presentation
ASB Economic Research
The latest Economic Insights on the macro-level economic forces affecting New Zealand’s position and performance.
Disclosure Statements
Please find our most recent financial results and Disclosure Statements below. For all NZX announcements, please visit our Media Centre.
Covered Bonds
ASB has a covered bond programme that is registered with the RBNZ in accordance with The Reserve Bank of New Zealand (Covered Bonds) Amendment Act 2013. ASB’s covered bonds are rated AAA and Aaa by Fitch and Moody’s respectively and are governed by English Law. The collateral is prime, first ranking residential mortgages in New Zealand.
For more information about ASB’s covered bond programme, including monthly investor reports, please visit our dedicated covered bond site.
EMTN Documentation
Please find documentation for ASB’s Euro Medium Term Note (EMTN) Programme below. For covered bond programme documentation, please see our dedicated covered bond site.
Credit Ratings
See below the list of ASB's credit ratings and most recent reports.
See here for CBA's credit ratings.
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Long term
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Outlook
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Short Term
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Fitch Ratings
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A+
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Stable
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F1
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Moody's
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Aa3
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Stable
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P-1
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Standard & Poor's
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AA-
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Stable
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A-1+
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Moody’s Baseline Credit Assessment (BCA)
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a3
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Standard & Poor’s Stand Alone Credit Profile (SACP)
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a-
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Fitch Viability Rating
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a
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Contacts
ASB's key funding contacts are listed below. You can also reach the team at funding@asb.co.nz.
Steve Lucas
Treasurer
- Phone +64 21 537 000
- Email Steve
Neil Subramoney
Head of Funding and Balance Sheet
- Phone +64 21 245 5924
- Email Neil
