CBA adds A$150m to core banking upgrade budget
12 August 2009 | 6628 views | 0
Commonwealth Bank of Australia (CBA) has added A$150 million to its original A$580 million core banking overhaul budget to cover the inclusion of subsidiaries Auckland Savings Bank and Bankwest in the project.
In a briefing on the bank's full year results, CBA chief executive Ralph Norris told reporters that the extra cash would also cover extensions to the original scope of the project, including spending on risk and financial management systems.
CBA outlined plans last April to move core banking operations to the SAP for Banking platform under a four-year, A$580 million programme. Norris says the project is on schedule and the core migration will be completed by the 2012 deadline.
He told reporters that the system is already running live alongside the legacy platform and has already been used to launch three new products; a first home-saver account, a CFS term deposit account and online saver programme.