Commerce Commission and ASB agree

Tuesday, 6 October 2009, 9:13 am
Press Release: ASB Bank

Media Release

5 October 2009

Commerce Commission and ASB agree to settle credit card interchange proceedings

ASB today welcomed the decision made by the Commerce Commission to settle its claims against ASB in relation to credit card interchange fees and rules.

This agreement follows the Commission's settlements in August with Visa and MasterCard under which those companies agreed to modify their card acceptance rules and interchange processes in New Zealand.

The Commission acknowledges that ASB admits no wrongdoing and will pay no penalties. 

Resolution of the Commission's claims at this time allows ASB to focus on delivering innovative credit card products and services to its personal and business customers within the new market framework established by the Commission's settlements with Visa and MasterCard. 

Ends. 

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