Commonwealth Bank Makes History

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* Commonwealth Bank Makes History

At its recent AGM, Commonwealth Bank Chairman, T.B. Donaldson, reported that it had become the first Bahamian financial institution to surpass the $1 billion mark in total assets. 2006 was also the tenth consecutive year of record profits, and surpassed 2005 by some 27%.

The Chairman says Commonwealth will continue to focus on extending its network of branches bringing banking to the neighborhoods where people live. Referencing its latest branch in Golden Gates, Chief Financial Officer and Senior Vice President-Finance, Ian Jennings, said "Golden Gates has achieved in three months what the bank had projected would be achieved in six months. Consistent record performance has been a hallmark of Commonwealth Bank."

Continued Chairman Donaldson, "Commonwealth Bank passionately believes in staff development and training and in positively impacting our communities as a good corporate citizen. This is a great Bahamian success story, one that is the reflection of not one person but of everyone working together, a demonstration that The Bahamas can compete with the best in the world."

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