1969 Merger foiled

THE COMMERCIAL BANKING COMPANY OF SYDNEY LIMITED

Sydney

16th December, 1969.

Personal message to all Officers of
the Bank from the General Manager,

You are aware by now that the Bank’s Board of Directors have decided against merging with The National Bank of Australasia Limited and have terminated the discussions. This is an event of major importance in our Bank's history and I am writing to ensure you are made fully conscious of what the future may hold, for yourself as well as for the bank. I also want to tell you we are committed to an exciting future.

Let me review some of the significant advantages that we have. The size of our Bank affords magnificent opportunity for future development. We have 489 branches employed in maintaining around 90 of all banking business in Australia, Substantial numbers of these branches are situated in major population areas of New South Wales and Victoria. We have conducted studies necessary for further expansion, particularly in other States. We have rich experience, much more than average, spread among our people because of our exceptionally rapid growth rate since 1954 - which of course necessitated greater personnel development and assumption of major responsibilities at early ages, we have many resources to support us in our further expansion. We have a very closely informed and involved management group - able to provide direction and assistance of material benefit to the performance of our whole network of branches. We have only recently established an Investment Division which will greatly add to our profit capability. We have also formed a Property Company essentially to manage our very considerable property assets in a professional manner to ensure that we benefit to the utmost by these assets. We are in the process of implementing our own computer system. We have established a highly specialised Marketing Division to bring close professional attention to the areas of advertising, promotion, selling and communications. We are now in a position to become the fastest expanding bank in Australia.

We are closely linked to other highly successful financial institutions through equity interests and have taken our part in the great industrial and mining projects which are a feature of our day. We are studying possible linkages of a similar character now, and further announcements in this respect can be expected shortly.

Let us consider how you are involved personally. There is no need to tell you that the Bank is made up people, that

their calibre, knowledge and experience determine the overall quality of the Bank. Everyone accepts that. But the Bank is going to be in urgent need of many more experienced, dedicated officers to help and guide its future progress, and there is no limit to what you can accomplish for yourself. There is already evidence of this when you look at the age factor of most of our recent now managerial appointments. The opportunity for higher advancement, which must be on merit, has perhaps never before been equalled in our history. We recognise the importance of the individual, and the individual effort of each officer. It will become increasingly apparent as we proceed that rewarding opporttu3.ities are becoming available at an increasing tempo. You have my assurance that the progress of every officer will be closely watched, and encouraged, so that in the fields of promotion your future is largely in your own hands. You also have my personal assurance that the Bank will continue to look for opportunities to provide for the welfare of its staff in all ways. No other bank enjoys the privilege of such funds as the "T.A.Dibbs Officers’ Relief Fund" and "The Massie Fund" to mention only two of this Bank's many staff amenities,

The decision taken by our Board that we shall not now be merging with The National Bank of Australasia Limited means that your normal lines of available promotion will not be disturbed, but it means much more, it means the Directors have shown confidence in the staff of the Bank and the ability of our officers to continue to build and expand the business of the Bank. It means also that your opportunities for promotion are enhanced by our determination to increase our growth rate.

The period ahead is challenging and offers fitting rewards and I have no hesitation in expressing my optimism and enthusiasm and ask for your support and co-operation in the tasks ahead.

We have an enviable heritage, built up by our predecessors over a period of 135 years. I have assured the Board of Directors of the full support of all the staff in the future development of the Bank and the further enhancement of that heritage of which we are so proud.