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Jacques Martin Joins ASB Group

Statement made by Ralph Norris, Managing Director, ASB Group

Specialist financial services administrator, Jacques Martin New Zealand Ltd, is to operate as a separate company within ASB Group.

The transfer of governance of Jacques Martin from Australia to New Zealand is a further refinement of the structure Commonwealth Bank of Australia will operate in New Zealand.

Jacques Martin is a successful, well respected brand in New Zealand and provides a diverse range of administration services to a solid client base across the financial services sector.

Being part of ASB Group will give Jacques Martin the reporting line that will assist it remain responsive to the specific needs of the local market.

It will also give it more direct access to the Group’s leading edge technology, assisting it to grow to its full potential.

ASB Bank and Sovereign are stand alone companies that already operate successfully within ASB Group, and Jacques Martin will operate autonomously from them.

Jacques Martin will continue to have its own board, will remain headquartered in Wellington and will continue to operate offices in Auckland and Christchurch.

The change of governance will have no impact on staff responsibilities or numbers, and the company will continue under the management of its Chief Executive, Mark Patton.

Jacques Martin is already New Zealand’s foremost financial services administration company. As part of ASB Group it will be encouraged to continue its development, and increase its range of client services and customer base.

Ends

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