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Bank confirms its presence in North Ryde

11 June 2004

Dear Sir,  The Commonwealth Bank seeks to correct your assertion that our representation in North Ryde is under threat of downsizing or closure (Community Bank for North Ryde). David Murray, the Bank’s CEO, said recently that the Bank would maintain its branches at current levels across the country (ie about 1000 branches, some 200 more than our nearest competitor), and this includes North Ryde.

In fact, we have been providing full banking and financial services in North Ryde since 1962 and have just exercised a 5-year option on the existing lease of our premises there.

We will be continuing to support the community in other ways as well, such as with the free financial advice workshops we ran recently with North Ryde Community Aid.

The Bank employs nine people at North Ryde dedicated to providing outstanding customer service. As to the possibility of a community bank in the area, we welcome the prospect of competition.

Bryan Fitzgerald, GCR