17 December 2017
visit www.ebaday.com

CBA adds A$150m to core banking upgrade budget

12 August 2009  |  6628 views  |  0 20 pound note

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.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

CBA and IBM fix NetBank software issue

CBA and IBM fix NetBank software issue

06 July 2009  |  6224 views  |  0 comments
CBA takes NetBank offline as phishing activity spikes

CBA takes NetBank offline as phishing activity spikes

29 June 2009  |  9108 views  |  0 comments
CBA introduces personalised online banking experience

CBA introduces personalised online banking experience

19 May 2009  |  8270 views  |  0 comments
CBA inks A$1bn telecomms deal with Telstra

CBA inks A$1bn telecomms deal with Telstra

22 April 2009  |  5555 views  |  0 comments
CBA to axe staff and IT projects - report

CBA to axe staff and IT projects - report

28 October 2008  |  8923 views  |  0 comments
CBA to include BankWest in core banking overhaul

CBA to include BankWest in core banking overhaul

09 October 2008  |  7682 views  |  0 comments
CBA selects SAP for core banking overhaul

CBA selects SAP for core banking overhaul

28 April 2008  |  11131 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.ebaday.comvisit www.thomsonreuters.info

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10650 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
10297 views comments | 18 tweets | 36 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
7686 views comments | 10 tweets | 10 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7349 views comments | 19 tweets | 22 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6772 views 0 | 4 tweets | 2 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job