The sponsorship, casting ASB as the official bank of New Zealand Rugby and the All Blacks, covers the defending world rugby champions for three years as well as the world champion All Black Sevens men's and women's teams.
ASB chief executive Barbara Chapman said the sponsorship was more than a conventional corporate arrangement.
"This is about a partnership between two organisations with closely aligned values, ambitious goals and a track record of success," Chapman said.
"The team at ASB are passionate about rugby so it's enormously exciting for everyone to be coming together with an organisation like New Zealand Rugby that shares our passion and ambition."
ASB's aim was to work with the All Blacks to benefit its people and customers.
"Rugby fans come from all walks of life and include people of different ages, nationalities, genders, locations and lots of other backgrounds, just like the people we employ and the customers we serve every day."
NZ Rugby chief executive Steve Tew said the new partnership was a great fit for both organisations.
"ASB and New Zealand Rugby share the same values and goals," he said.
"We both want to be the best ... in very competitive environments and to strive for constant improvement.
"We know that customers and fans are happy when we're on top of our game and successful."