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Commonwealth Bank to open its first Vietnam branch in Ho Chi Minh City (Saigon)

14 January 2008

The Commonwealth Bank of Australia has received approval from the State Bank of Vietnam to open a branch in Ho Chi Minh City (Saigon), representing the Bank’s first in Vietnam.

The Commonwealth Bank Ho Chi Minh City branch will cater for the growing needs of Commonwealth Bank customers and all Australians travelling to, sending money to, or doing business in Vietnam.

Garry Mackrell, Commonwealth Bank Group Executive, International Financial Services said, "We are very confident about Vietnam’s long-term economic growth and prosperity."

"With approximately 300,000 Vietnamese people living in Australia – one of the largest populations outside Vietnam itself - and more and more Australian’s visiting Vietnam every year, this new presence represents a strong opportunity for the Bank."

Mr Mackrell said, "Vietnam continues to be an important economic partner to Australia and by establishing a branch in Ho Chi Minh City, the Bank is committed to facilitate economic, trade and payment flows between the two countries."

"We look forward to providing an experienced banking alternative to our customers in Vietnam and contributing to the social, business and economic partnership between our two countries," he added.

Ho Chi Minh City is an important economic centre with a population of approximately 8 million.

Vietnam’s total GDP growth rate was 8.5% in 2007 and approximately 7.5% per annum compound for the past 15 years.

Danny Armstrong is leading the Bank’s Vietnam Banking operations and is based in Ho Chi Minh City. Mr Armstrong will be supported by an experienced local team. The branch is expected to open in April 2008.

The Commonwealth Bank is Australia’s largest bank and the third largest company as listed on the Australian Stock Exchange. It has more than 95 years of experience in financial services and is one of the most recognised and respected companies in Australia.

The Commonwealth Bank also has a representative office in the Vietnamese capital Hanoi, which has been operating for 13 years.

ENDS

For more information contact:

Bryan Fitzgerald, Commonwealth Bank,
Mob: 0414 789 649 or
Ph: (02) 9378 2663

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