Commonwealth Bank Group targets Australian businesses with $200 million growth funding in challenging times

20 March 2001

The Commonwealth Bank Group today launched a new financial services and business management offering designed specifically for Australian businesses, the first of a number of initiatives aimed at confirming the Group's position as a major player across the entire business market.

The $200 million finance-offering package -- Business Options -- is another significant step towards providing businesses with total business management solutions.

Business Options provides a unique bundling of managed business loans, risk management, investment and Internet payment services and products, delivered through a single point of contact within the Group and backed by a team of financial and business specialists.

The Group is moving towards an integrated relationship management network. To date the Group has launched new Commonwealth Business Centres servicing Small Business, the award winning AgriOptions package, introduced industry specialist corporate banking teams and developed the Key Account Management program for advisory groups. Business Options is the next milestone in this roll-out process to offer full financial services management to its business customers

The Group's General Manager Business Customers, Mr James Price, recognises that businesses have two primary requirements from their financial provider. "They want to know that their banking provider understands their business and can provide support at critical times, and further, they want customised service which meets their individual needs.

"We recognise this, and we are working to ensure our customers, through a deeper understanding of their individual needs, have the benefit of all the Group's specialist services.

"Through Business Options we are assisting businesses to grow at a time when the economy is slowing and they need financial advice and support," he said.

"The Group currently provides the broadest range of financial services in the Australian business market, underpinned by a philosophy of providing our business customers with access, useability of service and convenience.

"What we are aiming for is to demonstrate to our business clients that there is real value in consolidating their dealings with the Commonwealth Bank Group - we can make that process easy and are willing to be very competitive to demonstrate our aim to provide superior solutions to Australian business," Mr Price said.

Key elements of Business Options include:

  • Managed Business Loans which can be tailored to the customer's financial needs
  • Flexible BetterBusiness Loans which offer finance to fund growth, capital or property purchase with flexible security options
  • Cash Deposit Accounts for amounts greater than $100,000 taken up before June 30 will attract an interest rate of 5.55% (normally 5.15%)
  • Tax Management Accounts
  • Free currency and interest rate risk management assessment of a customer's business by a Financial Markets Specialist
  • BPay - Three months of free BPay transactions for new Billers
  • Quickline - free software available to business customers
  • Internet Payment services:
  • Commonwealth Bank Internet Payment Service (CBIPS)
  • EcommCorporate
  • NetBank.