New Zealander to head Commonwealth Bank
The Commonwealth Bank has named the man who will succeed Ralph Norris (pictured) as chief executive – Ian Narev.
Narev, the current head of the banking group’s Business and Private Banking division and a former head of strategy, was largely responsible for the Commonwealth’s acquisition of Bankwest and its investment in Aussie Home Loans.
Narev joined the Commonwealth Bank in 2007 after heading McKinsey & Co’s New Zealand office prior to which he was a lawyer specialising in mergers and acquisitions.
Narev holds undergraduate degrees from the University of Auckland and holds Masters degrees from Cambridge University and New York University.
Commonwealth Bank chairman David Turner said Narev would take over from Norris on 1 December, this year.
The banking group said Narev’s total fixed remuneration would be $2.5 million a year.
AUTHOR
Mike Taylor
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