COMMONWEALTH Bank has increased its involvement in Western Australia’s north-west during the past year, and has developed an indigenous banking strategy to build relationships and business across the top end of the state.
Among CBA’s focus in the region are building cultural awareness among its staff, growing its micro-lending facilities, and delivering financial literacy training.
The bank is also aiming to grow its indigenous employee base.
Commonwealth developed the StartSmart Financial Literacy Program for indigenous start-up businesses and employees and has run the program for Rio Tinto and other operators in the state’s Pilbara and Kimberley regions.
CBA general manager corporate and agribusiness WA, Greg Caust, said the key to disseminating the program was to partner with indigenous organisations that were mentoring start-ups and existing businesses, such as the east Kimberley’s MG Corporation.
“That really helps all banks when you are looking to lend money, especially in that community business finance space, because it is a hard market to lend to if you don’t have the right reporting in place,” he said.
“Our strategy has really been about gaining trust and respect, but also gaining far greater awareness of the culture itself.”
CBA partnered in Kununurra’s cultural celebration – the Barramundi Festival – as a major sponsor this year.
“That is all part of the cultural journey, understanding and building trust and respect. On the back of that we have been doing financial literacy training with children and employees who have gone from very little income to significant income,” Mr Caust said.
“It has helped to build our relationship with some big companies as well – Rio Tinto and Woodside – because they can see the work we are doing with those employees and that leads onto helping with some of the joint venture banking arrangements going forward.
“We are trying to help out right from an employee grass-roots position through to investment policies for the joint venture, through to helping provide online banking services for the administration team of joint ventures.”
CBA is currently growing its staff base in the Kimberley with new staff in Broome and Kununurra.
