Letter to Australian Financial Review

11 January 2006

Letter to Australian Financial Review clarifying the Bank's position in regard to an article published that mentioned some major Bank customers.

Dear Sir

Your headline "CBA warns on overexposure to Qantas" (AFR, Tuesday 10 January) is inaccurate and the Bank believes this should be brought to the attention of your readers:

  • Qantas is a long term, major customer and the Commonwealth Bank is happy with its relationship and the associated exposures.
  • The article also states that Australia Post’s self acquiring intentions could cost the Bank "$150 million in annual merchant fees". This is a gross exaggeration – the final impact to the Bank will be a small fraction of this number and we would appreciate it if you could ensure that publishing this incorrect data is not repeated.

Yours sincerely

Leslie Martin
Executive General Manager
Working Capital Services
Commonwealth Bank of Australia