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Commonwealth Bank purchases Government of Fiji's 49% shareholding in Colonial National Bank

27 January 2006

The Commonwealth Bank of Australia advises that it has agreed terms and conditions with the Government of Fiji to purchase the Government’s 49% shareholding in Colonial National Bank (CNB) for FJD$28 million (approximately A$22 million). All of the required approvals for completion of the transaction have been received.

"We are pleased to have acquired 100% ownership" said Garry Mackrell, Group Executive, International Financial Services.

"CNB has performed well and achieved significant growth in market share since 1999, when Colonial Limited first purchased 51% of its shares.

"We see further growth opportunities for CNB. The business is well placed for future development, secure in the knowledge that it has full access to the expertise of the wider Commonwealth Bank group."

As part of the transfer of ownership, new Board members for CNB will be appointed to replace Government appointees, but otherwise no major changes to the structure, staffing or operations of CNB are planned as a result of the share purchase.

About Colonial National Bank

Colonial National Bank is part of Colonial Fiji Group, which also includes Colonial Insurance, a wholly owned subsidiary of the Commonwealth Bank. It offers its customers a comprehensive network of banking services through its own branches, EFTPOS and Colonial EasyBank ATMs and Post Offices across the Fiji Islands.

 

For more information, contact:

Michael Gleeson
Executive Manager, Media and Issues Management
Commonwealth Bank
Phone: (02) 9378 5965 / Mobile: 0400 096 924

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