CBA seeks to reassure clients at ‘difficult | Australian Markets
The CEO of Australia’s largest retail bank has penned a letter of reassurance to clients amid cost-of-living pressures and a slip in its shares.
“It’s been a challenging time for Australian households and businesses, and we know many customers have been looking forward to lower rates,” Commonwealth Financial institution CEO Matt Comyn stated in a letter that hit most patrons’ electronic mail inboxes on Monday.
“For our variable home loan rate customers, the full interest rate reduction will hopefully provide some relief.”
CBA shares fell more than eight per cent final week – a fall mirrored by different main Australian banks – however recovered on Monday, rising 2.97 per cent.
Mr Comyn declared in his letter that bodily money was “here to stay,” even when clients’ banking preferences could evolve.
“We’ll continue to distribute more than $4 billion in cash each month through Australia’s largest branch and ATM network, which will also benefit from $100 million in upgrades in 2025,” he stated.
“We have extended our promise to keep all our regional CommBank branches open until at least 31 July 2027 to support communities and jobs in regional Australia.”
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