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Commonwealth Bank Group Announces Appointment

Commonwealth Bank Group Announces New Head Of International Financial Services

The Commonwealth Bank Group today announced that Mr Ralph Norris, currently Managing Director and Chief Executive Officer of the Group’s New Zealand subsidiary, ASB Bank, has been appointed to head up the Group’s International Financial Services division, including New Zealand. Mr Norris will report to the Chief Executive Officer, Mr David Murray.

The announcement follows the decision of Mr Rob Garnsworthy, currently head of International Financial Services, to leave the Group to take up the position as Chief Executive Officer of Norwich Australia. Mr Murray thanked Mr Garnsworthy for his assistance in the early transitional management to bring Colonial’s international operation into the merged Group.

Mr Norris will be both Head of International Financial Services and Managing Director and Chief Executive Officer of ASB Group, New Zealand. He brings excellent credentials to his new role having achieved 10 years of above market growth since he became CEO of ASB, reflecting an outstanding track record of financial performance, efficiency, technology and customer services. In addition, Mr Norris has successfully integrated the Sovereign Life business with ASB and, since assuming the role of CEO, has materially diversified the product range of ASB in the financial services sector.

Mr Murray said that he looked forward to Mr Norris’ even closer association with the top management team and the opportunity to grow the Group’s international operations.

Mr Norris is expected to take up his new role within the next three months.

Details of Mr Norris’ background and ASB Group are attached.

About Commonwealth Bank. The Commonwealth Bank Group is a diverse financial services company with businesses in banking, funds management and insurance. It has a presence in sixteen international markets and is listed on the Australian Stock Exchange, with a current market capitalisation of around $A34 Billion.


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