Asteron, the financial services division of the Promina group, has adopted a trans-Tasman initiative to align the company’s Australian and New Zealand businesses. The initiative will involve a back-office rationalisation program to “reduce expenses, increase revenue and enhance the product offering”.

The company says in the Promina group’s annual report released last week that the aim is to “generate improved processes and better customer experiences” and is part of Asteron’s aim to continue profitability while reducing operational costs in 2005.

Both Asteron Australia and Asteron NZ delivered results “well above expectations”, according to Promina.

Overall, Asteron contributed close to 29% of Promina’s overall $458 million profit for last year, with the Australian operation seeing “superior return on capital”, and the NZ operation yielding increased profits and positive results.