Commonwealth Bank wins AsiaFinance Award for Best Commercial Bank
1 July 2002
The Commonwealth Bank of Australia announced today that it had won the coveted AsiaFinance Award 2002 for Best Commercial Bank in Australia.
In announcing the Awards FinanceAsia.com said the achievements of the Commonwealth Bank impressed the judges more than its competitors. With total assets in excess of A$320 billion it is an institution to reckon with, but more importantly it appears to be expanding its business into new markets.
FinanceAsia.com editorial continued, "The June 2000 acquisition of 100% of Colonial Limited – a life insurance, banking and funds management group – has diversified the bank’s revenue base significantly".
Colonial has operations in Australia, New Zealand, the UK and throughout Asia and the Pacific. It manages a total of A$77 billion and has doubled its penetration in the growing superannuation market with Colonial First State Investments.
FinanceAsia.com noted the Commonwealth Bank plans to export funds management expertise to North Asia where it wants to market life insurance and funds management products to the mass affluent customer segment.
In selecting the Commonwealth Bank for the Best Commercial Bank it was noted that CommSec the Bank’s online broking division was a continuing success story for the Bank.