Indigenous banking strategy launched by Commonwealth

A new range of financial products are set to be offered to Australia's indigenous peoples, it has been revealed.

Commonwealth Bank has unveiled details of an Australian banking service targeting the country's indigenous population.

Launching its Indigenous Banking Team, the financial services firm reveals that such a division will continue to expand the Indigenous Customer Assistance Line, which aims to provide bank accounts and other products relevant to the money management needs of Australia's Aboriginal and Torres Strait Island communities.

Forming part of the bank's 2009 Reconciliation Action Plan, the Indigenous Banking Team will focus on increasing economic opportunities for such people by providing programmes such as business development support, mentoring and financial literacy, something that could prove to be of assistance to those searching for best business accounts.

In addition, the bank has unveiled an employment strategy which aims to provide at least 350 positions for indigenous peoples over the next three years.

"As one of Australia's largest financial services organisations, we have an important role to play in building strong indigenous communities and creating long-term opportunities for Aboriginal and Torres Strait Islanders," Ralph Norris, chief executive officer for Commonwealth Bank, states.

He adds that the bank feels that such initiatives are not only "the right thing to do" but also make good sense from a commercial aspect.

"The success of our indigenous customers contributes to the success and sustainability of our business," Mr Norris claims.

Such moves were praised by Paul O'Callaghan, chief executive officer of Reconciliation Australia, who highlighted Commonwealth Bank "for its leadership in promoting reconciliation".

Earlier this year, the financial services provider unveiled details of a new range of credit cards, including a gold product which comes with features such as complimentary travel insurance, as well as an "ongoing" low interest rate.

Furthermore, the bank is to enter a new partnership with American Express where both existing and new owners of its Commonwealth Awards credit card will be able to accrue loyalty points at greater speed.