DAVID MURRAY ELECTED AS NEW ABA CHAIRMAN Media Release Melbourne, 23 May 2001:The Council of the Australian Bankers' Association (ABA) today elected Mr David Murray, Managing Director Commonwealth Bank of Australia, as the new ABA Chairman. Mr Murray succeeds Mr Frank Cicutto, CEO and Managing Director, National Australia Bank, who has successfully completed his two year term as ABA Chairman. The Council also re-elected Mr Ed O'Neal, CEO and Managing Director St George Bank, for his second term as Deputy Chairman. Upon his election as ABA Chairman, Mr Murray paid tribute to the work and effort of retiring Chairman, Frank Cicutto. "Through a very busy and changing time for the ABA and the industry as a whole, Mr Cicutto has provided valuable guidance for the sector in his role as ABA Chairman. I welcome the opportunity to continue this important work," Mr Murray said. "I look forward to working with ABA CEO, David Bell, to develop ABA policy and direction going forward," he said. Retiring Chairman, Mr Frank Cicutto, congratulated Mr Murray upon his election and thanked the industry for their efforts in supporting positive change in the industry. "It has been a united effort from all the ABA members, the ABA Council and the staff of the ABA in responding to the changing needs of the industry and community," Mr Cicutto said. "Clearly, the highlight of my term was the release of the Action Plan, and in particular gaining industry support for the development of the Basic Bank Account which means that up to five million Australians will be able to have access to free banking," Mr Cicutto said. "The industry fully supports Mr Murray in his efforts to continue to drive further positive reform for bank customers, shareholders and the general community," he said. For further information contact: Heather Wellard ABA PR Phone: 02 8298 0411 Mobile: 0409 830 439     ENDS