CBA puts $2 billion on the table for business clients
(9 March 2004 – Australia) Commonwealth Bank’s Institutional and Business Services (IBS) division has made available $2 billion of new funding for its business banking clients.
The bank’s group executive, IBS, Michael Ullmer said the package will be used to provide a range of financing needs, including large institutional deals, loans to SMEs and overdrafts.
"This represents a significant commitment to financing the growth of our clients’ businesses and enables us to build strategic relationships to support their business needs," Ullmer said.
According to CBA, the bank’s IBS division accounts for 35 percent of Group net profit after tax and has 14.2 percent share of the business lending market.
Ullmer said the division is committed to building market share over the next three years, with regional businesses a key target for the bank.
"All units of our business have reported good earnings and asset growth and we are making progress on improving market share in each segment," he said.
"This represents a significant commitment to financing the growth of our clients’ businesses and enables us to build strategic relationships to support their business needs," Ullmer said.
According to CBA, the bank’s IBS division accounts for 35 percent of Group net profit after tax and has 14.2 percent share of the business lending market.
Ullmer said the division is committed to building market share over the next three years, with regional businesses a key target for the bank.
"All units of our business have reported good earnings and asset growth and we are making progress on improving market share in each segment," he said.
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