news and events

Commonwealth Bank secures asset finance partnership

March 12, 2008

The Commonwealth Bank converted its longstanding strategic alliance with IT and medical asset finance specialists, equigroup (previously known as Computer Fleet) into a 50% shareholding.

The 50% stake comes after a successful ten year alliance with the company and demonstrates a commitment by the Bank to increase its presence in the asset finance market and provide greater financing opportunities for the Bank’s clients.

"For the Commonwealth Bank, this equity ownership means we are now one of only a select few banks with genuine residual value investment in technology and medical equipment," said Premium Business Services Executive General Manager Banking Solutions, Rowan Munchenberg.

The services, provided exclusively to the Bank by equigroup, include the provision of asset management services and residual value investment linked to the financing of technology dependent equipment, ranging from desktop computers to medical diagnostic imaging equipment.

With operations in Australia, New Zealand, the United Kingdom and Europe, the Bank and equigroup are very well placed to provide solutions to a broad spectrum of domestic and offshore clients.

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equigroup acquisition offers broader product range, improved customer service

April 3, 2008

The Commonwealth Bank has acquired a 50 per cent stake in technology asset finance company equigroup.

equigroup has been partnering with the Commonwealth Bank for ten years to provide IT and medical asset finance solutions. Cementing a strong and successful relationship the Bank acquired a 50 per cent stake in the company. equigroup is now a subsidiary of the Commonwealth Bank Group.

Known as ComputerFleet until 2007, equigroup was established in 1990 specialising in the asset management and residual value investment of technology equipment ranging from desktop computers to diagnostic imaging equipment. Today, equigroup operates in Australia, New Zealand, the United Kingdom and Europe.

"For the Commonwealth Bank, this acquisition means we are now one of only a select few banks with genuine residual value investment in technology and medical equipment", said PBS Group Executive, Stuart Grimshaw.