ASB thinks big in business banking

By Nick Stride

Friday 11th June 2004

ASB Bank is on an aggressive advertising-backed push to build its share of the middle-sized and large corporate market.

The bank feels it has long outgrown its "challenger" status but its research showed larger companies still think it is better positioned to be the bank for smaller businesses than at the big end of the market.

"That's no longer so," head of relationship banking and financial services James Mitchell said.

"There's no gap in our product range we can supply trade and treasury products, so we've got to improve our profile and credibility in the middle to upper brackets."

The research also showed the ASB brand had good traction across all business markets and got wide media coverage.

Recent initiatives include sponsoring the ASB Business television programme in the mornings, which provides "an association with business at large."

The rest of it, Mitchell said, was about getting out and about and talking to people.

Meanwhile, ASB is selectively expanding its branch network outside Auckland. It now has branches in 39 provincial centres and cities, and another 10 in Northland, part of its original fief.

Mitchell reported "exceptional" growth in business banking in Hawke's Bay, Taranaki and Manawatu.

It also has offices in some provincial towns, such as Ashburton, to service rural lending.

Another goal, although "not a huge issue," is to create a seamless trans-tasman banking proposition using parent Commonwealth Bank's network and resources in Australia.

"Most banks talk about it but don't actually provide it, at least in the way the market demands," Mitchell said.

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