The Commonwealth Bank and ABB Grain Ltd announce a strategic partnership

6 March 2007

The Commonwealth Bank of Australia today announced that it had entered into an exclusive, strategic partnership with leading Australian agribusiness, ABB Grain Ltd.

The partnership will allow ABB Grain to deliver a range of financial services to their grower base and provide a comprehensive and innovative range of financial solutions to grain, wool and livestock producers.

For over 20 years, ABB Grain has enjoyed a strong and valued association with CBA which has provided transactional services across the organisation’s various activities and has been one of the primary financiers of the ABB group. The bank has been a partner, sharing in the years of growth which we see as further developing through this new association.

"This project is a logical extension of a deep understanding that CBA has of the ABB group, its activities and aspirations," ABB Grain’s general manager, pastoral and export business, Steven Read said.

According to Jon Sutton, Executive General Manager Agribusiness, Commonwealth Bank, the alliance reinforces the Bank’s ongoing commitment to delivering the best possible service to customers.

"This is a great opportunity to be involved with one of Australia’s leading agribusinesses, working together to provide a fully integrated service to the agribusiness community," Mr Sutton said.

"The combination of our expertise in agribusiness financial solutions and ABB Grain’s skills and knowledge in grain handling, input supplies and marketing solutions will enable us to meet all the business needs of Australia’s grain producers throughout the production cycle."

Mr Read said ABB Grain had been committed to servicing the marketing needs of grain producers during its 68 years.

"This strategic alliance with the Commonwealth Bank will allow grain producers to access a greater range of grain marketing and financial solutions, tailor-made for their specific circumstances," he said.

The partnership between the two organisations begins immediately.

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For further information please contact:

Michael Gleeson
Media and Issues Management
Commonwealth Bank
Phone: (02) 9378 5965

Steven Read
ABB Grain
Phone: (08) 8385 8380