CommBank restructures
The Commonwealth Bank has announced a key restructure of its operations that will see the separation of its business and corporate divisions.
The restructure, prompted by the departure last year of group executive, Stuart Grimshaw, will see Business and Corporate, including the Agribusiness and Private Client Services divisions, separated from the existing Institutional Banking and Markets areas.
Private Client Services includes the CommSec retail platform.
Commenting on the move, Commonwealth chief executive Ralph Norris said the separation of Local Business Banking, Corporate Financial Services, Agribusiness and Private Client Services from Institutional Banking and Markets under the responsibility of separate group executives recognised the increasing scale, diversity and importance of the businesses.
At the same time, Norris announced that the banking group’s head of strategy Ian Narev would become the group executive for Business and Private Banking.
Norris said the appointment of a permanent group executive to the Institutional Banking and Markets area would be announced soon.
AUTHOR
Mike Taylor
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