Commonwealth Bank of Australia recently celebrated its centennial birthday by awarding community grants of over $1 million for local charities. The grants were given away to various agencies and groups working to improve health care facilities and well-being for children from Australia and other parts of the world. In the history of Commonwealth Bank of Australia, this grant of $1 million is the largest one ever awarded by the bank.
These grants will benefit about 56 additional organizations and groups in their efforts to help charities across Australia.
The community grants program of Commonwealth Bank of Australia was started in 2007 and has since awarded over $3.5 million in community grants. However, employees of the bank have been contributing to the community’s well-being for much longer. The Commonwealth Bank Staff Community Fund has been established in 1917 and employees have since been contributing to charities in the community with part of their salaries.
The fund is supported by contributions from more than 9000 current or retired employees of Commonwealth Bank of Australia. All administrative costs are covered by the bank, which means that every contribution made goes directly to various charities for children. The grants that are awarded help to improve financial literacy, well-being for children as well as support various programs such as sports, arts, and welfare programs. The grants are also used to support Indigenous communities as well as the environment.
The bank on its centennial birthday also made an announcement about further commitment to support Australia’s communities. The bank stated that it would provide Australian communities with an extra $100 million in grants over the next ten years.
