ASB share offer nets $200m

ASB Capital said the issue, which had originally intended to raise $150 million, closed yesterday heavily oversubscribed, with many applications being scaled.

"The response from investors has been extremely positive ," ASB, which is owned by the Commonwealth Bank of Australia, said in a statement.

The freely tradeable shares are rated A-minus by Standard & Poor's and will offer an ongoing interest rate of 1.3 percent above the one-year interest rates.

Just under 4500 investors have been allocated the shares.

The arranger of the issue was ASB Bank, with lead managers ASB Bank and UBS Warburg NZ.

The funds will be used to support the bank's ongoing growth in personal, business and rural banking, ASB said.

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