Credit:<\/span> <\/cite><\/p>\n\u201cI want to mention the terrible situation currently unfolding on Ukraine and fear and suffering of those affected by war,\u201d Mr Comyn said.<\/p>\n
The Russian invasion has raised concerns around the world of the potential to further increase inflation and trigger an energy crisis if economies are cut off from Russia\u2019s vast gas supplies, as punitive sanctions are imposed to hobble the Russian economy.<\/p>\n
However, Mr Comyn said the geopolitical crisis, which has been described as the largest military conflict since WWII, would have a \u201cminimal impact\u201d on the Australian economy.<\/p>\n
\u201cIt\u2019s not a significant part of our trade relationships, more broadly and certainly within CBA,\u201d Mr Comyn said. \u201cIt\u2019s clearly a very concerning trend, the escalation in recent times. But I guess our overall sense for the economy is unchanged.\u201d<\/p>\n
More than $70 billion was wiped off the ASX last Thursday as the market reacted to the uncertainty caused by the conflict. However, Mr Comyn said the ongoing volatility was manageable.<\/p>\n
\u201cWe\u2019re navigating through, as you would expect, higher levels of volatility and intraday volatility which is, of course, reacting to escalating sense of different sanctions.\u201d<\/p>\n
Mr Comyn declined to weigh in on what more could be done by the international community to stop the war, but said the sanctions appeared to be working as intended.<\/p>\n
\u201cIt\u2019s been well reported [that] both the restrictions coming into the broader Russian financial system, to the banking system, through to the SWIFT payments network \u2026 as well as challenging some of Russia\u2019s foreign reserves. Clearly, that has the impact that\u2019s particularly been designed.\u201d<\/p>\n
The comments came as CBA sold down one of its last major investments in Asia, offloading a stake in the Chinese lender Bank of Hangzhou for $1.8 billion as it seeks to focus on Australia and New Zealand.<\/p>\n
CBA on Tuesday said it had entered into a binding agreement to sell a 10 per cent stake in Bank of Hangzhou, and it would retain its remaining 5.57 per cent stake in the Chinese bank for at least another three years.<\/p>\n
The sale represents one of the last key remaining steps in CBA\u2019s gradual move to become more focused on domestic retail and commercial banking, a strategy that has also been adopted by its key rivals.<\/p>\n
Mr Comyn used the speech in Melbourne to outline major shifts in the Australian economy \u2013 digitisation and decarbonisation \u2013 to make a pitch for CBA\u2019s position as a leading small business banker.<\/p>\n
\u201cBusinesses are very well-placed to embrace and benefit from Australia\u2019s digital and decarbonisation transformation. That\u2019s why we\u2019re very focused on allocating capital to productive part of the economy \u2026 and directly helping businesses grow.\u201d<\/p>\n
The Market Recap newsletter is a wrap of the day\u2019s trading. <\/i><\/b>Get it each we<\/i><\/b>e<\/i><\/b>kday afternoon<\/i><\/b>.<\/i><\/b><\/p>\nMost Viewed in Business<\/h2>\nFrom our partners<\/h3>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Commonwealth Bank chief executive Matt Comyn says the Australian economy will not be impacted by the Russian invasion of Ukraine as the escalating conflict threatens […]<\/p>\n","protected":false},"author":3,"featured_media":125693,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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