Commonwealth Bank boss Matt Comyn discusses growth opportunities and expansion plans in Geelong

The Commonwealth Bank’s top executive has talked up the region’s potential during a visit to Geelong on Monday where he met with city and business leaders.

Commonwealth Bank chief Matt Comyn visited Federal Mills in North Geelong on Monday. Picture: Brad Fleet.

The Commonwealth Bank’s top executive has talked up the region’s potential during a visit to Geelong on Monday where he met with city and business leaders.

CBA chief Matt Comyn said Geelong was “well diversified” and boasted an impressive and growing business community.

“It’s really interesting just hearing about the plans on a community level and understanding more about the growth and opportunities in the region,” he said.

“We certainly have a team on the ground and we’re looking to expand.

“It’s certainly one of the fastest-growing areas in Victoria, but even more broadly on a national basis, so, of course, we always want to be where our customers are and we can see really good potential here.”

Mr Comyn met with leaders from the local Chamber of Commerce and Manufacturing Council, property developer Hamilton Group, Avalon Airport boss Ari Suss, and Geelong Mayor Trent Sullivan.

Forecasts show Geelong’s population of 275,000 will grow to almost 400,000 by 2041.

An additional 55,000 jobs are expected to be added to the 135,000 that the region already supports, generating a further $9.75bn to its current gross regional product of $19.6bn.

Mr Comyn's visit came a month after the bank posted a net profit of $9.5bn for the 2023/24 financial year, down 6 per cent from the previous period.

The fall was the result of lower lending and deposit margins driven by increased business competition and inflationary pressures in operating expenses, partly offset by volume growth and lower loan impairment expenses

The bank closed its Drysdale branch two year ago, leaving eight branches in the Geelong region; Geelong, Geelong West, Belmont, Waurn Ponds, Corio, Ocean Grove, Torquay and Lorne.

CBA boss Matt Comyn and executive manager Mel Forbes (middle) meet with Hamilton Group’s Cam Hamilton and Geelong Mayor Trent Sullivan. Picture: Brad Fleet.

Mr Comyn said there was a healthy and vibrant business community in Geelong that worked closely with local education providers to develop the skills and trades required for future growth.

“I think that’s a good blueprint for a region that’s going to do well,” he said.

“I think every region is looking at a few things, particularly infrastructure, roads and rail.

“Housing supply is also an important issue.”

Mr Comyn said developing individuals to ensure a strong pipeline of talent was also a key focus for regions.

“There’s always competition of how do you keep and retain more of the talent versus losing them to the capital cities,” he said.

“The (Geelong) region is clearly doing well.”

Originally published as Commonwealth Bank boss Matt Comyn discusses growth opportunities and expansion plans in Geelong