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Sovereign MD Joins Commonwealth Bank of Aust

I June 2006

Sovereign Managing Director, Barbara Chapman, to Join Commonwealth Bank of Australia

Statement made by Hugh Burrett, Managing Director, ASB Group

ASB Group Managing Director, Hugh Burrett, has today announced that Barbara Chapman, the Managing Director of Sovereign, has been appointed to the newly created role of Group Executive, Marketing & Communication at our parent company, the Commonwealth Bank of Australia.

Jon Raby, currently Sovereign’s GM Finance, has been appointed acting Managing Director of Sovereign.

Ms Chapman will take up this role and join the Commonwealth Bank’s Executive Management team with effect from mid-July.

During her nearly 12 years at ASB Barbara has demonstrated a unique talent in the areas of Marketing, Branding and PR and she has been widely recognised and awarded both internally and externally as one of New Zealand’s strongest marketers.

This appointment at Commonwealth Bank is strong recognition of her excellent capability in these key areas, and I am delighted for her.

Ms Chapman is widely viewed as the driving force behind ASB’s multi-award winning “Ira Goldstein” campaign. During her time with ASB she has also held line and profit accountability for ASB’s Human Resources division, Retail Banking business, Contact Centres, Sales and Service strategy, and BankDirect.

Ms Chapman joined the Sovereign team as Managing Director in November 2004.

“I am proud of what has been achieved by the team at Sovereign during my time as Managing Director”, Ms Chapman said. “As New Zealand’s largest Life Insurer Sovereign is an extremely successful business, led by a team of very talented executives. I am confident Sovereign will continue to go from strength to strength,” she said.

“I am excited by the challenge that awaits me at Commonwealth Bank, and look forward to executing their strategy of becoming Australia’s finest financial services organisation through excelling in customer service” Ms Chapman said.


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