Commonwealth Bank Rejects Portable Bank Account Numbers, Review Reports

Commonwealth Bank of Australia has rejected calls to make bank account numbers portable between lenders because it will impose high costs for the 250,000 organizations that access the payment system, the Australian Financial Review reported, citing submissions to a Senate inquiry into banking competition. CBA defended profit levels, saying Australian banks were generating returns broadly in line with the 30-year average for the sector.

To contact the reporter on this story: Elisabeth Behrmann in Sydney at ebehrmann1@bloomberg.net

To contact the editor responsible for this story: Tim Smith at tsmith58@bloomberg.net

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