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ASB goes for diversity not quantity

ASB Bank is expanding its services by buying shareborker Warburg Dillion Read and has signalled it will launch an online broking service.

Tuesday, June 22nd 1999, 12:00AM

by Philip Macalister

ASB Bank is expanding its services by buying sharebroker Warburg Dillon Read and has signalled it will launch an online broking service.
Under the deal announced today ASB will buy, for an undisclosed sum, Warburg's retail sharebroking business, including its cash management trust, and retail fixed interest and nominee operations.
"We see the move as compatible with our strategy to move into the provision of a wider range of financial services," ASB managing director Ralph Norris says.


He says Internet-based broking is planned for the future.
ASB's parent, Commonwealth Bank of Australia, is already active in this market across the Tasman through Commonwealth Securities. (For more on online broking visit Good Returns' special report).
Norris says the acquisition is in line with ASB's desire to offer a broad range of services.
"While our competitors are largely focusing on the size of their operations, ASB Bank's strategy is to bring together a broad range of mainstream financial options and, in doing so, reduce the overall complexity of offerings to our customers and minimise the need for them to shop around," Norris says.

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
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BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
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Pepper Money Advantage 10.49 - - -
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SBS Bank 8.74 7.74 7.09 6.95
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SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
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TSB Bank 9.44 7.79 7.55 7.45
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
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Westpac 8.64 ▼7.49 7.35 6.99
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Median 8.64 7.14 6.82 6.65

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