Commonwealth Bank retains respected US economist to advise premium business clients

31 January 2005

The Commonwealth Bank of Australia has retained respected American economist David Hale to provide research and advisory services to the Bank and clients within its Premium Business Services division.

David Hale is a Chicago-based economist whose clients include investment management firms, major hedge funds, and multinational companies in North America, Europe, Asia and South Africa. He is the founding chairman of Hale Advisors and China Online, which provides daily business news on China. He formerly worked as chief economist for Kemper Financial Services and Zurich Financial Services. He advised the group’s fund management and insurance operations on the economic outlook and a wide range of public policy issues until 2002, when he founded Hale Advisors.

Ian Saines, Executive General Manager, Institutional Banking at the Commonwealth Bank, said the appointment of Mr Hale on an exclusive basis in Australia would enhance the Bank’s value proposition to its clients.

"David Hale is one of the world’s most distinguished economists who has always had a particular interest in Australia and its economy. We are delighted that Commonwealth Bank clients will have the benefit of exclusive access to David’s insights.

"In today’s global economy the twin drivers of future financial success are financial and intellectual capital. David Hale’s acknowledged global expertise will augment the Bank’s existing strong economic advisory resources to help our clients with their decision-making."

According to David Hale: "Commonwealth Bank is an institution I admire because of its increasing dynamism and fresh approach to financial services. My goal is to bring an international perspective to the Bank, and to help clients formulate competitive global strategies for trade and successful long-term investments."