Commonwealth Bank chairman John Schubert said Australia's largest retail lender would seek to expand its Asian presence once its current restructure program was completed.
"Internationally, our focus is on countries in Asia whose economies are growing and whose large populations have rapidly rising incomes," Schubert told the bank's annual general meeting.
However, he said the growth would be "incremental or evolutionary rather than revolutionary".
The Commonwealth last year bought an 11 percent stake in China's Jinan City Commercial Bank and in April purchased 19.9 percent of Hangzhou City Commercial Bank. It has also set up a representative office in Bangalore, India.
Earlier, the bank announced it would buy back 500 million dollars (380 million US) worth of shares as part of a capital management program.
It said the on-market buyback is expected to be completed within six months.
The bank has appointed its own broking unit CommSec, Deutsche Bank and UBS to act as brokers for the buyback.
It was the first AGM to be attended by the bank's new managing director, Ralph Norris, the former head of Air New Zealand.
Norris said the bank's performance in the first quarter was in line with expectations.
"This gives me every confidence that we will deliver cash earnings per share growth in the 2006 year that equals or exceeds the average of our peers," he said.
Commonwealth Bank shares closed down four cents at 38.50 dollars in a lower overall market.