Clarification – Commonwealth Bank to continue to provide Student Banking

22 October 2003

An article that appeared in this morning’s Sydney Morning Herald reported that the "ANZ Bank has snared the school banking contract from the Commonwealth Bank".

By way of clarification, the banking contract that was moved from the Commonwealth Bank related only to the banking facilities provided to the administration function of State public schools.

It was in no way related to the Bank’s continued support for the student banking system, a system that the Commonwealth Bank introduced and has provided for over 70 years across Australia. Through its schools student banking program, the Bank provides many young Australians with their first bank account and assists in teaching them how to save and the value of money.

School banking will continue to remain an integral part of the Bank’s Financial Literacy program.