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Commonwealth Bank secures asset finance partnership

2 April 2008

The Commonwealth Bank converted its longstanding strategic alliance with IT and medical asset finance specialists, equigroup (previously known as Computer Fleet) into a 50% shareholding.

The 50% stake comes after a successful ten year alliance with the company and demonstrates a commitment by the Bank to increase its presence in the asset finance market and provide greater financing opportunities for the Bank’s clients.

"For the Commonwealth Bank, this equity ownership means we are now one of only a select few banks with genuine residual value investment in technology and medical equipment," said Premium Business Services Executive General Manager Banking Solutions, Rowan Munchenberg.

The services, provided exclusively to the Bank by equigroup, include the provision of asset management services and residual value investment linked to the financing of technology dependent equipment, ranging from desktop computers to medical diagnostic imaging equipment.

"This will assist equigroup to realise its potential as a world class provider of asset management and RV risk services in these asset classes," said Matt Ingram, Chief Executive Officer equigroup.

With operations in Australia, New Zealand, the United Kingdom and Europe, the Bank and equigroup are very well placed to provide solutions to a broad spectrum of domestic and offshore clients.

 

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For more information, contact:

Bryan Fitzgerald
General Manager, Media and Issues Management
Communication
Phone: (02) 9378 2663 / Mobile: 0414 789 649

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