Role of ASB chief will widen

By RICHARD BRADDELL

ASB Bank chief executive Ralph Norris will also be responsible for parent Commonwealth Bank of Australia's international financial services division.

The division's largest operations are the British, New Zealand and Asian life insurance and fund management activities, acquired by Commonwealth when it took over Colonial this year.

While Asia's $A33 million ($42 million) profit contribution was the smallest part of Colonial's 1999 international earnings of $A125 million ($160 million), Asia contains the plum asset - a joint venture with China Life due to be signed in Beijing next week.

Mr Norris said: "It's a very significant advance for the group, particularly given what we have learned about the life insurance business since ASB acquired Sovereign 20 months ago."