Published: Mon, August 14, 2017
Global News | By Stacy Ballard

CBA boss Ian Narev to leave Australian bank after money laundering scandal

CBA boss Ian Narev to leave Australian bank after money laundering scandal

The Chairman of the Commonwealth Bank of Australia, Catherine Livingstone AO, said that the Board had made a decision to provide details of its planned Chief Executive succession process to ensure the market is fully informed and to provide certainty for the business.

Commonwealth Bank of Australia said on Monday its chief executive Ian Narev will retire by June 2018, in the wake of a scandal over money laundering and terror financing allegations.

Ms Livingstone said the banks had "decided to provide details of its planned chief executive succession process to ensure the market is fully informed and to provide certainty for the business".

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CBA's chairman Catherine Livingstone said the board had chose to bring forward details of its succession planning to deal with "speculation and questions about his tenure".

The head of Australia's Commonwealth Bank will step down by the middle of next year, the firm said. Mr Narev was approaching the end of his sixth year at the helm so the latest debacle may have helped fast track the search for a replacement.

The case is the first lawsuit of its kind against a major Australian bank and could expose CBA to the largest fine in Australian corporate history, amounting to billions of dollars.

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It comes amid pressure from regulators over 53,700 alleged breaches of anti-money laundering laws.

CBA's annual report, published today, showed Narev's remuneration for the last financial year was $5.5 million, down from $12.3 million last year.

CBA is also refunding approximately $586,000 in premiums to about 10,000 customers after it over-insured these customers for Home Loan Protection CCI taken out with a Commonwealth Bank home loan, resulting in the over-charging of premiums.

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