Here come the banks
Share trading is becoming a more competitive game with two banks offering new online services, and one of the existing players offering trades for free.
Monday, December 6th 1999, 12:00AM
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Two of New Zealand's banks are making further inroads into the financial services area with the launch of share trading services.
ASB Bank yesterday announced the launch of its service that includes online, discount broking and full service broking, while BNZ is expected to follow suit with an announcement about its online service any day now.
ASB Bank's foray into sharebroking began when it bought the retail arm of Warburg Dillon Read (formerly Buttle Wilson) in July. This operation is run by former ANZ Securities broker Tim Preston.
ASB offers full service broking to customers through its Advisory Service and now has a no-frills discount telephone-based service where brokers carry out trades at reduced fees.
The third arm to its share trading service is a new website www.asbsecurities.co.nz
The website offers registered clients live New Zealand and Australian quotes and company announcements.
Preston says the online service will soon include further information, and customers will be able to set up and manage their own portfolio and share watch list as well as trade online.
He says ultimately ASB Bank will offer trading services in US and United Kingdom markets.
ASB Bank is charging $24.95 a trade for New Zealand and $39.95 of Australian share trades through its discount service.
Good Returns understands BNZ is also about to launch its online share trading services. While details have not been announced yet it is understood the bank will be offering a service in conjunction with Access Brokerage.
Meanwhile, DF Mainland is offering free brokerage to its registered users this month.
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