Commonwealth replaces Garnsworthy from within
The Commonwealth Bank has looked to its New Zealand subsidiary, ASB Bank, for its new head of International Financial Services (IFS).
The Commonwealth Bank has looked to its New Zealand subsidiary, ASB Bank, for its new head of International Financial Services (IFS).
Ralph Norris, managing director and chief executive officer, for the New Zealand bank will retain his current position and take on the new role as head of IFS.
The appointment of Norris follows the news incumbent IFS chief Rob Garnsworthy will take on the role of chief executive officer of Norwich Australia.
The departure of Garnsworthy leaves only one remaining Colonial manager within a senior position at the Commonwealth with all major non-funds management roles held by existing Commonwealth staff.
At Colonial, Garnsworthy was head of international operations and joined the Commonwealth with Peter Polsen who is still with the Commonwealth group and is involved with the running of Colonial First State.
Norris has held his current position with ASB, which is 75 per cent owned by the Commonwealth, since 1991 and prior to that he held a number of positions in the bank’s information technology division.
In the 10 years since taking on the top job, Norris has steered the bank to acquisitions of Sovereign Assurance and the retailing stockbroking arm of Warburg Dillon Read New Zealand which now operates as ASB Securities.
Norris is expected to take up his new role within the next three months and will report to the Commonwealth chief executive officer David Murray.
AUTHOR
Jason Spits
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
