Commonwealth Bank completes $500 million on-market buy-back
16 June 2006
Commonwealth Bank ("the Bank") is pleased to announce the completion of the on-market buy-back of the Bank’s ordinary shares announced on 28 October 2005.
The buy-back was undertaken as part of the Bank’s ongoing program of active capital management. A total of 11,139,988 shares were bought back for a total of $500 million. The price paid for the shares was between $41.08 and $46.79.
Commonwealth Bank’s Chief Executive Officer, Ralph Norris, said:
"The successful completion of this buy back is another tangible example of the Board's commitment to creating value for shareholders through the prudent management of the Bank's capital. The decision to embark on such initiatives is a demonstration of the financial strength of the Bank and the Board's confidence in the Bank's ability to continue to deliver strong earnings growth. We will continue to look for opportunities to deliver further value to our shareholders through the active management of the Bank's capital."
For additional information, please contact:
Communications, Community and Reputation
Telephone (02) 9378 2663
Telephone (02) 9387 5979
Mobile 0406 316 725