ASB names international banker to succeed New Zealand's longest serving senior banker

ASB has appointed 46-year old British international banker, Charles Pink, to be the new Managing Director of ASB Group and Chief Executive of ASB Bank from 1 January 2009, replacing the country's longest serving senior banker, Hugh Burrett.

(ASB Group comprises ASB Bank, Sovereign, ASB Group Investments, BankDirect, ASB Securities, Jacques Martin and Aegis).

Mr Pink will be joining ASB from the Barbados based FirstCaribbean International Bank.

ASB chairman Gary Judd QC, said the Board had conducted an international search for a replacement for Mr Burrett, who was standing down after seven years in the top post, and a 40 plus year career with ASB. Candidates for the ASB role included senior New Zealand and Australian bankers and financial services executives.

"Charles was the outstanding candidate from a strong field," said Mr Judd.

"He is a banker with the qualities, expertise and leadership skills to take ASB through the next stages of development.

"Charles is the founding CEO of FirstCaribbean, a publicly listed company formed six years ago through the merger of the Caribbean operations of Canadian Imperial Bank of Commerce and Barclays Bank. Prior to joining FirstCaribbean, Charles had an 18-year career in personal and commercial banking with Barclays."

FirstCaribbean offers a full range of market-leading financial services in corporate, business and personal banking, treasury, wealth management, credit cards and capital markets. With more than 800,000 customers, it is the largest, regionally-listed bank in the English-speaking Caribbean, with assets in excess of US$12 billion, more than 3500 staff, over 100 branches and offices in 17 countries.

"In size, commitment to customer service, employee engagement and involvement with the community, FirstCaribbean shares many similarities with ASB", said Mr Judd.

"Charles will bring international experience and new insights to the role and the ASB Group will gain immeasurably from his background of managing businesses and large, complex projects in Britain, Continental Europe and the Caribbean."

Mr Judd said that outgoing Managing Director, Hugh Burrett, advised the board earlier in the year of his desire to move aside from a day-to-day management role.

"Hugh has led the ASB Group with distinction and success for the past seven years," said Mr Judd.

"He was one of the architects of transforming ASB from a retail, regional bank more than 20 years ago into today's nationally operating, full service financial services group.

"Under Hugh's leadership, ASB has achieved unprecedented growth and has become a significant contributor to the New Zealand economy."

For further information please contact ASB Chairman Gary Judd QC on 09 307 8273 or 021 307 827.