Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Colonial To Be Integrated With Sovereign

The announcement last week that Commonwealth Bank has moved to 100% ownership of ASB Group has paved the way for the integration of ASB Group subsidiary Sovereign and Colonial in New Zealand.

The move was announced by Ralph Norris, Head of CBA’s International Financial Services and ASB Group Managing Director. Mr Norris’s responsibilities include ASB Group and most of Colonial’s operations outside Australia, including New Zealand.

“Colonial’s integration into Sovereign will make ASB Group this country’s most diversified financial services group, with a prominent position in banking, insurance, funds management and securities trading operations,” Mr Norris said.

ASB Group, which now comprises ASB Bank, BankDirect, the integrated Sovereign and Colonial businesses and trade financier S H Lock, will be

 New Zealand’s largest life insurance company, with an annual premium income of $460 million,
 the second largest fund manager, with funds under management of $2.2 billion,
 and the fifth largest and fastest growing bank, with assets of $17.4 billion.

“The formation of New Zealand’s largest financial services company establishes a tremendous base for us to enhance the range of services we offer our customers,” Mr Norris said.

The integration of Colonial and Sovereign will mean a number of changes:

 Sovereign Group Managing Director, Ian Hendry, will head the combined business

 Colonial’s Managing Director, David May, has decided to step aside to pursue other interests after a long and distinguished career with the company

 The business will be headquartered at Sovereign’s Takapuna base in Auckland. However, a substantial presence will be retained in Wellington, which has been Colonial’s head office.

Joint working groups have been established to commence the integration of the two companies.

“Both parties are experienced in mergers and understand the need to make decisions swiftly and transparently,” Mr Norris said. “While it is inevitable that positions will be lost as a result of the integration, the scope of these cannot be quantified at this time.

“However, ASB Group is experiencing strong growth, and there will be new opportunities available within the Group and its operating divisions.”

-ends-

For further information:

Ralph Norris
Managing Director
ASB Group
Phone: (09) 377 8930

Issued on behalf of ASB Group by
Dennis Lynch
Network Communications
Phone: (09) 379 3154

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tourism: Employers Welcome Back Working Holidaymakers

Tourism businesses gearing up for the return of Australian visitors from next week will be relieved to learn that they will also have access to an offshore pool of much-needed job candidates, Tourism Industry Aotearoa says. Tourism employers around ... More>>

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: New Report Shows Impact Of Demands On Land In New Zealand

A new environmental report released today by the Ministry for the Environment and Stats NZ, presents new data on New Zealand’s land cover, soil quality, and land fragmentation. The land cover data in the report, Our land 2021 , provides the most ... More>>

ALSO:

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>