Hon Jim Anderton

Member of Parliament for Wigram
Progressive Leader

29 October 2009 Media Statement

Who owns the ASB? Not us

The ASB has been an Australian owned bank for the last two decades, and it is misleading the public when it pretends to be a ‘Kiwi Bank’, says Progressive MP Jim Anderton.

The ABS is running promotional ads claiming ‘We’ve been a Kiwi Bank since 1847.”

“The truth is we don’t really know who owns the ASB. We know it is owned 100% by the Commonwealth Bank of Australia (CBA), but who owns the Commonwealth Bank?

“It used to be owned by the Federal Government of Australia but it was privatised in stages beginning in 1991.”

Almost half of the current owners of the Commonwealth Bank are ‘nominee’ companies. That means their identities are hidden behind other well-known companies, like the Hong Kong and Shanghai Banking Corporation (HSBC).

“We don’t really know who owns ASB. All we know for sure is that New Zealand doesn’t.”

In 1989, the ASB Bank Community Trust sold 75% of the shares to The Commonwealth Bank of Australia. In 2000 the CBA bought the remaining 25% of ASB shares from the Trust.

Since 2000 the ABS has been 100% owned by the Commonwealth Bank of Australia.

“We do however have a New Zealand owned banking network owned by all New Zealanders - and it’s called ‘Kiwibank’.”
“The Aussies are welcome to start their own ‘Aussiebank’ but they shouldn’t try to pinch ours,” says Jim Anderton.

ENDS

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