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54-490: ASB Bank Limited , commonly stylised as ASB , is a bank owned by Commonwealth Bank of Australia , operating in New Zealand. It provides a range of financial services including retail, business and rural banking, funds management, as well as insurance through its Sovereign Limited subsidiary, and investment and securities services through its ASB Group Investments and ASB Securities divisions. ASB also operated BankDirect ,
108-607: A branchless banking service that provided service via phone, online , EFTPOS and ATMs only. ASB was established in 1847 as the Auckland Savings Bank. The first meeting was held in the store of Campbell and Brown , and was attended by John Logan Campbell, Dr John Johnson, Rev Thomas Buddle , John Jermyn Symonds , John MacDougall, David Graham (a brother of Robert Graham ), Robert Appleyard Fitzgerald , Thomas Forsaith , John Israel Montefiore , James Dilworth , Alexander Kennedy , and William Smellie Graham. During
162-766: A 19.9% stake in Hangzhou Commercial. Commonwealth also established a representative office in Bangalore , India . On 27 January 2006, the bank acquired the remaining 49% stake in Colonial National Bank (Fiji). At the beginning of 2008, Commonwealth Bank opened a branch in Ho Chi Minh City (Saigon). Then in October, Commonwealth announced that it had purchased Bankwest and St Andrew's Insurances from their parent company HBOS for A$ 2.1 billion. The acquisition
216-671: A 50% share in PT Bank International Indonesia. On 10 March 2000, the Commonwealth Bank and Colonial Limited announced their intention to merge, with seven Commonwealth Bank shares being offered for twenty Colonial Shares. The merger received final approval from the Supreme Court of Victoria on 31 May 2000 and was completed on 13 June 2000. This brought into the fold Colonial’s stake in Colonial National Bank ,
270-630: A branch in Rabaul and agencies elsewhere. In 1920, the bank began acquiring central bank powers when it took over the responsibility for the issue of Australian bank notes from the Department of the Treasury. Also in 1920, the Commonwealth Bank took over the Queensland Government Savings Bank . In 1924, the federal government of Stanley Bruce sought to place further checks and limits on
324-600: A branch in the Solomon Islands . In 1958 and 1959, there was a controversy concerning the dual functions of the organization, operating as the central bank on the one hand and a commercial bank on the other. As a result, the government separated the two roles, creating the Reserve Bank of Australia to exercise the central bank function, and leaving the Commonwealth Banking Corporation to operate purely as
378-603: A commercial bank. Those commercial functions were exercised by the organization's constituent sections: the Commonwealth Trading Bank of Australia, the Commonwealth Savings Bank of Australia, and the newly formed Commonwealth Development Bank. From 1958 to 1976 the Commonwealth Bank operated savings bank agencies in the New Hebrides . A new Commonwealth Development Bank was established in 1960 and during
432-671: A compensation scheme. Former CEO Ralph Norris also conceded that he was aware of problems within CFPL acknowledging the presence of rogue financial planners but rejected the assertion of a conspiracy to cover it up. CBA has been criticised in the Senate for appointing Dr. Brendan French, who was the General Manager of Group Customer Relations before, as the head of the Open Advice Review program. The CBA defended Dr. Brendan French successfully in
486-589: A defamation lawsuit in 2015; the decision was a single judge decision and was not appealed after the defence was withdrawn. Criticism has also been leveled at the fact that Dr. Brendan French was formerly a member of the board of directors of the Financial Ombudsman Service and is now working in CBA with respect to customer complaints. In 2016, it was revealed that some CBA staff were implicated in an alleged $ 76m Ponzi scheme fraud. The alleged architects of
540-466: A negative culture within the bank, amid allegations of fraud, deception, and money laundering, among various other crimes. In 2022, the Commonwealth Bank held the 49th position in the "Top 1000 World Banks". As of August 2024 it is listed as the 66th largest company in the world by market cap. The Commonwealth Bank of Australia was established by the Commonwealth Bank Act 1911 , introduced by
594-475: A new advertising campaign featuring Brian Blessed playing a fictionalised version of himself encouraging New Zealanders to be proud of their achievements whether big or small. The bank also supports the ASB Community Trust, which was formed in 1988 with an endowment from the sale of ASB to Australia's Commonwealth Bank . The Trust has distributed more than $ 745 million since 1988, mostly giving grants to
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#1732855315488648-633: A new complex of two nine-storey buildings in Darling Harbour on the western side of Sydney's city centre. In 2022, the headquarters were consolidated into the Commonwealth Bank Place, with Tower 1 of 201 Sussex Street remaining as a secondary head office. In 2018, findings from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry have indicated
702-482: A new computer-based system. The bank created the first credit card in Australia in 1974 when it established Bankcard . In later years the bank began offering MasterCard (1984) and Visa (1993) cards as well. In 1974, as Papua New Guinea approached independence, the bank formally handed over its PNG operations to the newly created and government-owned Papua New Guinea Banking Corporation (PNGBC). The bank retained
756-702: A restricted branch in Port Moresby that it finally closed in 1982. In 1981 the bank transferred its operations in the Solomon Islands to the National Bank of Solomon Islands , which operated as a joint venture (51% Commonwealth Bank, 49% Government of the Solomon Islands). In 1989 the bank acquired 75 per cent of ASB Bank in New Zealand . In 1991 the bank acquired the failing Victorian Government-owned State Bank of Victoria (est. 1842). Between 1991 and 1996
810-886: A second office in Sydney in David Droga's homeland of Australia ; this office was closed in September 2015 as Droga5 turned its focus to the European market and its London office, which opened in 2013. In July 2013, William Morris Endeavor announced a significant minority investment in Droga5. According to The New York Times , "executives from both companies said the partnership would allow them to create more brand-supported content by combining their significant advertising and entertainment resources." Droga5's New York office relocated to Wall Street in 2014. The sale of Droga5 to Accenture Interactive
864-825: Is an Australian multinational bank with businesses across New Zealand , Asia , the United States , and the United Kingdom . It provides a variety of financial services , including retail, business and institutional banking, funds management , superannuation , insurance, investment, and broking services. The Commonwealth Bank is the largest Australian listed company on the Australian Securities Exchange as of July 2024, with brands including Bankwest , Colonial First State Investments, ASB Bank (New Zealand), Commonwealth Securities (CommSec) and Commonwealth Insurance (CommInsure). Its former constituent parts were
918-580: Is an advertising agency headquartered in New York City with offices in London and Tokyo. It was founded in 2006 by David Droga . David Droga founded Droga5 in New York City in 2006. Droga said that he named the agency after the tag his mother used to sew into his clothes (He is the fifth of six children and his mother stitched labels in her children's clothing based on birth order). In 2008, Droga5 opened
972-504: 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 technology has not succeeded in the way ASB hoped, with very little use and virtually no significant updates since 2010. ASB Securities, launched in 1999, remains the largest online broker in New Zealand in terms of trading volume and active customers. The bank has found significant success by being
1026-498: The Andrew Fisher Labor government, which favoured bank nationalisation , with effect on 22 December 1911. In a rare move for the time, the bank was to have both savings and general bank business. The bank was also the first bank in Australia to receive a federal government guarantee. The bank's earliest and most strenuous proponent was the flamboyant American-Australian Labor politician King O'Malley , and its first governor
1080-608: The Commonwealth Trading Bank Building on the corner of Pitt Street and Martin Place , Sydney , which was refurbished from 2012 for retail and commercial uses, and (from 1984 to 2012) the State Savings Bank Building on Martin Place , which was sold in 2012 to Macquarie Bank . The headquarters were then moved, splitting between two locations; Tower 1 of 201 Sussex Street and the Commonwealth Bank Place;
1134-869: The Commonwealth Trading Bank of Australia , the Commonwealth Savings Bank of Australia , and the Commonwealth Development Bank . Founded in 1911 by the Australian Government and fully privatised in 1996, the Commonwealth Bank is one of the big four Australian banks, with the National Australia Bank (NAB), ANZ and Westpac . The bank was listed on the Australian Stock Exchange on 12 Sep 1991. The former global headquarters of Commonwealth Bank were
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#17328553154881188-398: The bank bill swap rate (BBSW). The BBSW rate is the rate of interest that banks charge to lend money to each other, and is a key interest rate used as the benchmark for interest rates on a number of products, most notably business loans, currency derivatives and floating rate bonds. It is alleged that the manipulations took place on three specific occasions in 2012. Droga5 Droga5
1242-407: The 1970s the bank diversified its business into areas like insurance and travel. It established a finance company, CBFC in 1974. The bank also became more heavily involved in foreign currency trading and international banking in general. The bank actively supported the introduction of decimal currency in the years leading up to 1966 and, like most banks, it gradually converted its paper records onto
1296-587: 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,
1350-602: The Australian Government under the Keating government fully privatised the Commonwealth Bank. The first share offer in 1991 was valued at $ 1,292 million, the second in 1993 for $ 1,700 million and the third was sold for $ 5,000 million in 1996. It is a public company, but one of the few such companies in Australia whose official name does not end in 'Limited'. In 1994 Commonwealth sold its shares in National Bank of Solomon Islands to Bank of Hawaii . In 1994, Commonwealth took
1404-554: The Board of Directors, returning full executive control of the bank to the governor. The government also dramatically expanded immigration programs. In response, the bank established a Migrant Information Service (later known as the Australian Financial & Migrant Information Service, or AFMIS). The bank expanded during this period, and in just five years it opened hundreds of branches throughout Australia and in 1951 it established
1458-577: The Commonwealth Banking Corporation (CBC) suspended its operations in Papua New Guinea as the Imperial Japanese Army captured many of the towns in which it operated, and bombed Port Moresby . The bank resumed operations later, possibly in 1944. The bank had many branches across Papua New Guinea including Port Moresby, Boroko, Rabaul, Lae, Wau, Bulolo, Goroka, Kavieng, Madang, Mount Hagen, Kundiawa, Popondetta, and Wewak. On Bougainville, there
1512-593: The arts, sport, recreation, environment, heritage, health and social services areas, as well as funding capital projects in local communities around New Zealand. ASB is the corporate sponsor for a number of high-profile New Zealand organisations and events such as: The bank is also a major sponsor of several event venues in New Zealand: Italics in the above indicate domestic ownership. Commonwealth Bank The Commonwealth Bank of Australia ( CBA ), also known as Commonwealth Bank or simply CommBank ,
1566-759: The bank has been facing increased public scrutiny over since a 2013 report by Market Forces; the Sydney Morning Herald had this to say: Australia's big four banks are leading lenders to the massive expansion in coal and gas shipments through the Great Barrier Reef, contradicting their own pledges to curb carbon emissions and preserve sensitive environmental areas. ... The CBA, meanwhile, highlighted its achievement to cut carbon emissions from operations by 35,000 tonnes in 2012. A single bulk carrier shipment of coal exported from Australia would result in final emissions of four times those savings. In 2014, CBA and
1620-483: The bank's use of intelligent deposit machines (IDMs) between November 2012 and September 2015—the bank claimed that a programming error allowed depositors to instantly credit cash deposits to their accounts, whilst failing to report amounts over $ 10,000 to AUSTRAC, and not enforcing any limits to the number of transactions. ASIC commenced legal proceedings in the Federal Court on 30 January 2018 alleging manipulation of
1674-595: The big four Australian banks faced increased pressure to end their support for reef-threatening mining projects, as surveys have shown that "the big four banks would be risking customers shifting up to $ 236 billion in household deposits if they were to finance a project like the Abbot Point expansion". In late 2014, it "was revealed [CBA] was advising Indian coal miner Adani on its proposed development in Queensland's Galilee basin", while by 2015, it has been reported that "all
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1728-485: The campaign ended in 2010 as the bank moved to a new advertising agency from TBWA /Whybin. In October 2011 the bank introduced the Experience ASB campaign with new advertising agency Droga5 . The campaign featured voice overs by English actor Dame Judi Dench and allowed potential customers to "test drive" the bank before joining. In July 2012 ASB left Droga5 for Saatchi & Saatchi . In February 2013 ASB launched
1782-452: The chance that a dying person facing organ failure may have their life saved by a transplant, and that a person can claim their life insurance if they are declared terminally ill by two doctors and deemed likely to die within 12 months." In March 2016, ASIC announced it would be investigating CBA about the allegations. After the serious allegations were aired in an episode of Four Corners two parliamentary inquiries were conducted. One into
1836-540: The coming years. The bank is the only financial services organisation to appear in the Dream Employers' top 20 list of preferred employers for 2010 and 2011. During the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry it was discovered that the Commonwealth Bank had charged dead people for financial advice services. On 9 May 2018, Commonwealth Bank settled an interest rate rigging case brought by ASIC for $ 25 million. In
1890-600: The fall of the government, and to demands from Labor for reform of the bank and more direct government control over monetary policy. Also in 1931, it took over the savings bank business of the Government Savings Bank of New South Wales (est. 1871), the current account and fixed deposit business of the NSW Rural Bank Department, and the State Savings Bank of Western Australia (est. 1863). In 1942,
1944-683: The federal government at the time, which attempted to compel the Australian states to conduct their banking with the Commonwealth under the Banking Act 1945 (Cth), but the High Court in Melbourne Corporation v Commonwealth (1947) 74 CLR 31, blocked this move. In August 1945, the federal government of Ben Chifley passed the Commonwealth Bank Act, 1945 , which repealed the 1925 act and abolished
1998-500: The financing of risky fossil fuel projects that may become 'stranded' if the world is to avoid disastrous climate change, new research has estimated. In October 2008, former CBA financial planner Jeff Morris alleged to the Australian Securities and Investments Commission (ASIC) and subsequently a Senate Inquiry, the extent of the misconduct of CBA's financial planning arm, Commonwealth Financial Planning Limited (CFPL), but it
2052-553: The first to introduce innovative services and features to the New Zealand market. ASB was the first bank in New Zealand to offer: ASB has become known for using well-known characters in its advertising. The bank had a series of highly successful, award-winning commercials with the Ira Goldstein character (played by American actor Steve Mellor), a bumbling American banker sent to New Zealand to find out "what makes that bank different". The ads were popular over an 11-year period. However,
2106-770: The former National Bank of Fiji. The bank also acquired the remaining 25% of ASB Bank . Banking opportunities in Asia saw the Bank in 2000 acquire full ownership of PT Bank International Indonesia and rename it (PT Bank Commonwealth). This bank now has over 16 branches and has opened several FX shops to cater to Commonwealth Bank clients who are tourists in Bali . In 2005, the bank established strategic co-operation agreements with two Chinese banks, Jinan City Commercial Bank and Hangzhou City Commercial Bank ; it took an 11% stake in Jinan Commercial, and
2160-442: The life insurance sector, and another into protection of whistleblowers. The inquiries found that no staff involved in the wrongdoings were fired. The only person who suffered a consequence was the whistleblower who had tried to do the right thing. There were also calls for a Royal Commission into the insurance industry. The Financial Services Royal Commission was eventually called and found widespread issues. The Commonwealth Bank
2214-491: The major American and European banks have refused funds to the project, citing environmental damage". In May 2015, a report by Market Forces showed that CBA is the single biggest lender to fossil fuel projects within the Great Barrier Reef World Heritage Area during the six-year period from 2008 to 2014. Almost immediately following, protests were held at over fifty CBA branches in Australia and around
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2268-521: The owner of the bank, ASB Community Trust , sold 75% of the shares to Commonwealth Bank . In 1994, ASB purchased and amalgamated Westland Bank , another former savings bank, located on the South Island's west coast, 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
2322-651: The powers of the governor of the bank, and passed the Commonwealth Bank Act, 1924 , which created a seven-member Board of Directors comprising the governor, the Secretary of the Treasury, and six directors "actively engaged in agriculture, commerce, finance or industry", and a Chairman of the Board elected annual from its members. The first six board members were appointed on 10 October 1924: Sir John Garvan , Sir Robert Gibson , Sir Samuel Hordern , Robert McComas , Richard Samuel Drummond, and John McKenzie Lees. Garvan
2376-891: The remaining 25% 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. In early July 2020, ASB announced that it would be closing nine branches while 25 branches would be moving to three day weeks due to a shift in demand for online services. The company will also hire 150 additional staff to provide specialist online support. The bank has won awards including NetGuide Award for best financial services site in 2006 and 2007, TUANZ Innovation Award for Financial Service in 2001, 2002, 2003 and 2005, and recently Canstar's inaugural annual 'Best Online Banking Award' in 2012. ASB launched pago in November 2006, which
2430-458: The scam were professional poker player Bill Jordanou and accountant Robert Zaia. It was reported alleged systemic issues about the insurance division of CBA. A claimant who suffered a heart attack and nearly died had his claim declined based on an outdated medical definition in his insurance policy. The company admitted this decision was a bad judgement. The insurer also "refused to pay total permanent disability (TPD) and terminal illness claims on
2484-413: The settlement, the bank admitted it engaged in "unconscionable conduct" and manipulated the bank bill swap rate five times between February and June 2012. On 16 November 2023, the bank announced divestment of PT Bank Commonwealth to Bank OCBC NISP . Commonwealth Bank is one of the major Australian banks known to be financing and profiting from activities destructive to the Great Barrier Reef, something
2538-499: The world. Billboards, hoardings and branch signs were revised to read "Coal Bank" and company slogans changed to highlight its investment in fossil fuels. Later in May, a report by MSCI showed that while other banks are reducing their funding for fossil fuel projects, Australia's largest banks are ramping up this same funding; The Guardian reported: Australia's largest banks have committed about 10% of their known loan arrangements to
2592-402: Was Kieta, Panguna, Arawa and early on a part-time sub-branch at Loloho. It maintained those facilities to support trade, local business, government, and small savers. The Commonwealth Bank received almost all central bank powers in emergency legislation passed during World War II and at the end of the war, it used this power to begin a dramatic expansion of the economy. This was also the aim of
2646-552: Was Sir Denison Miller . The bank opened its first branch in Melbourne on 15 July 1912. In an agreement with Australia Post that exists to this day, the bank also traded through post office agencies. In 1912, it took over the State Savings Bank of Tasmania , and by 1913 it had branches in all six states. In 1916, the bank moved its head office to Sydney . It also followed the Australian army into New Guinea , where it opened
2700-542: Was announced in April 2019. WME Dragon Holdings LLC agreed on March 29, 2019, to sell its 49 percent interest to Accenture Interactive for $ 233 million. This assumed a value of $ 242.5 million for the 51 percent share owned by David5, LLC, identified in the Endeavor Group Holdings IPO filing as the majority owner. In 2021, Droga5 announced the opening of a new Tokyo office, with plans to expand to Brazil and China. In 2024, Drago5 integrated Australian creative agency The Monkeys and also acquired Brazilian agency Soko, amidst
2754-411: Was appointed as the first chairman on 13 October 1924. In 1931, the bank board came into conflict with the Labor government of James Scullin . The bank's chairman Sir Robert Gibson refused to expand credit in response to the Great Depression , as had been proposed by Treasurer Edward Theodore unless the government cut pensions, which Scullin refused to do. The conflict surrounding this issue led to
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#17328553154882808-406: Was called the gold medallist for ripping off customers by the counsel assisting the royal commissioner. In August 2017, the financial intelligence agency Australian Transaction Reports and Analysis Centre (AUSTRAC) launched civil proceedings in the Federal Court of Australia , alleging that CBA had breached money laundering and terrorism financing laws on 53,700 occasions. The breaches related to
2862-430: Was not until 16 months later that ASIC would launch an investigation. "There was forgery and dishonest concealment of material facts," the Senate Inquiry found in its report. They concluded a Royal Commission or Judicial Inquiry as it was deemed ASIC lacked the investigative powers required to uncover the full extent of the allegations. A week following the Senate Inquiry, CEO Ian Narev publicly apologised while announcing
2916-779: Was scheduled to be completed in early 2009, subject to regulatory approval. Lastly, on 24 December, Commonwealth announced that it had, in joint partnership with Aussie Home Loans , purchased Wizard Home Loans . As part of the deal, the Commonwealth Bank will acquire Wizard mortgages up to the value of A$ 4 billion. Commonwealth Bank held about 30 percent of the loan business of financial advisory company Storm Financial when it collapsed in January 2009. In December 2009, Commonwealth sold Colonial National Bank to Bank of South Pacific . The bank transferred its ATM service desk from HP Enterprise Services in Adelaide to ITS ( Armaguard ) in Sydney in March 2012. The bank will change from NCR and Diebold ATMs to Wincor Nixdorf ATMs over
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