ASB considers outsourcing cash handling

ASB Bank chief executive Barbara Chapman. The proposal would affect around 130 people working in part-time positions. Photo / Michael Craig
ASB Bank chief executive Barbara Chapman. The proposal would affect around 130 people working in part-time positions. Photo / Michael Craig

ASB Bank is considering outsourcing its cash management services, which could affect 130 people's jobs.

After a review of the bank's cash management contract with Armourguard a proposal was made to transition to a fully outsourced model later in the year. All other banks in New Zealand outsource their cash handling processes, ASB said.

"If the proposal proceeds, and these extended services are introduced, our two cash processing centres would close and in-branch services in Christchurch would also transition to Armourguard," the bank said in a statement.

ASB said around 130 people work in the cash processing roles, the majority of whom are part-time employees.

"A number of new roles would be available with Armourguard in Auckland, Wellington and Christchurch and we would also look to redeploy as many people as possible within the ASB business."

ASB said it was in consultation with the affected staff members.

- NZ Herald

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