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Commonwealth Bank appoints Chief Risk Officer

23 April 2008

The Commonwealth Bank has appointed Alden Toevs as Group Executive, Risk Management and Chief Risk Officer.

The Bank’s Chief Executive Officer, Ralph Norris said, "I am very pleased to have Alden join our senior leadership team in the new position of Group Executive, Risk Management. Alden is a high calibre executive with very strong financial and risk management experience in many areas of banking and financial services, both in Australia and internationally".

Alden will join the Bank’s leadership team, reporting direct to Mr Norris. He will provide leadership in ensuring effective risk management and risk governance across the Group and will also act as an advisor to the Bank’s Board and Executive Management on risk management. He will commence with the Bank during June 2008.

The new position of Group Executive, Risk Management has been established to ensure that the Group continues to transform its risk practices to global best practice in such areas as credit, operational, technology, compliance and market risks.

Alden is currently Executive Vice President and Head of First Manhattan Consulting Group’s risk management practice in New York. Over his eighteen years of consulting with First Manhattan, Alden has advised 101 banks globally on risk, strategy, mergers and performance measurement. His former roles include Head of Mortgage Research at Morgan Stanley and in academia as Professor of Economics at University of Oregon in the United States.

ENDS

For further information, please contact:

Bryan Fitzgerald
General Manager, Media
Commonwealth Bank of Australia
Telephone (02) 9378 2663

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