ASB director Robert Jesudason resigns

Monday 3rd November 2014

Robert Jesudason, an executive at Commonwealth Bank Australia, has resigned from the board of the Australian bank's New Zealand arm, ASB Bank.

Jesudason resigned as non-executive director effective Friday, ASB said in a statement to the New Zealand stock exchange. He had been on the board since December 2011 and has recently taken up a new role as group executive of international finance services for CBA in Hong Kong, according to his LinkedIn profile.

In August, ASB Bank lifted its annual cash profit 11 percent to $776 million in the 12 months ended June 30, as it boosted mortgage and business lending, helping drive growth for its Australian parent, while insurer Sovereign's earnings edged up 3 percent to $103 million.

ASB's $400 million of NZX-listed bond, which carries an interest rate of 6.65 percent and matures in 2019, last traded at $105.766 per $100 face value. CBA's ASX-listed shares last traded at A$80.48 and have increased 3.4 percent this year.

BusinessDesk.co.nz

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