Commonwealth Bank launches Corporate Partnership with Beef Industry

28 June 2001

The Commonwealth Bank Group today announced a new corporate partnership with the Beef Improvement Association of Australia (BIAA).

The partnership is designed to assist beef producers and reinforce the Group’s commitment to the 4.4 billion dollar beef industry.

Under the terms of the partnership, the Commonwealth Bank Group will contribute significant funding to the BIAA over a three-year period and engage the organisation with the training of its rural staff across Australia.

"The BIAA is delighted to enter into this partnership, which has been formulated in the interest of growing the relationship for the long-term," said BIAA President, Danny Wilkie.

"The Commonwealth Bank’s funding will be used to increase awareness of the latest industry developments via conferences and field days across Australia."

Chief Manager Agribusiness for the Commonwealth Bank, Steve Morgan, said:

"The Bank is further strengthening its longstanding commitment to Australian agribusiness through this dynamic partnership with the BIAA. It seeks to provide the industry with flexible solutions that not only meet financial needs, but help grow businesses in ways that meet producers’ goals".

"Training is an important element in this partnership," Mr Morgan said. "Our aim is to further enhance the expertise of our rural staff by giving both the sales and credit areas a deeper understanding of the beef industry and its drivers. As well, we shall be training more than 100 of our rural staff per year at Agricultural Colleges around Australia."

"A further objective for this initiative is to assist the beef industry to maintain its position as one of the world’s largest exporters of beef, by leveraging our risk management and hedging skills in foreign markets."

Mr Morgan said further sponsorships will be unveiled through the year as the Commonwealth Bank continues to foster closer ties with specific industry sectors. The Group is also refining and developing financial and investment services customised to the specific needs of each industry.

Over the past two years the Commonwealth Bank Group has launched a range of facilities designed specifically for Agribusiness. Based on its AgriOptions package the Group has further customised financial products to meet the needs of the cotton, grain and dairy industries. In recognition of its efforts the Commonwealth Bank Group has been named Agribusiness Bank of the Year (Personal Investment Magazine) for two years running.

Mr Morgan said that beef was high on the Group list of priorities in terms of developing an industry specific partnership. The Group’s Agribusiness Specialists and financial experts will provide the necessary ‘on the ground’ contact to facilitate this process.