Commonwealth Bank Restructure

22 July 2002

The Commonwealth Bank today announced the restructure of its Technology, Operations and Procurement Division (TOP). TOP’s functions will be progressively repositioned into other business units and centre functions. Back office operations will become part of Retail Banking Services, and Investment and Insurance Services. Group Technology will report directly to the CEO, strengthening its role in the Group’s long-term strategic positioning working with its key technology partners. The positioning of other TOP functions will be determined over the next six weeks.

As a result of these changes, Russell Scrimshaw, Group Executive for Technology, Operations and Procurement will be leaving the Bank shortly. The CEO, Mr David Murray, thanked Russell for his significant contribution during his time with the Bank. Mr Murray said, "Over the past four and a half year period, Russell led TOP on the further consolidation of operation centres, support for the integration of Colonial, the development of key supplier partnerships and the establishment of shared services."