The Commonwealth Bank of Australia has announced a restructuring of its premium business services division following the departure of former group executive Stuart Grimshaw in late 2008.
The Commonwealth Bank of Australia (CBA) said that the new structure sees the separation of business and corporate, including agribusiness and private client services divisions, from the existing institutional banking and markets areas.
According to CBA, separating these businesses will enable the bank to further improve its focus on servicing and supporting these diverse customer segments and will continue the positive momentum which has been established.
Ian Narev, currently group head of strategy, has been appointed as group executive business and private banking responsible for the business and private banking customer segments. He will commence in his new role from January 27, 2009.
Mr. Narev has been with the group for 18 months and has been instrumental in the acquisition of BankWest along with the group’s investment in Aussie Home Loans. Prior to joining Commonwealth Bank, Mr. Narev was partner and head of New Zealand for McKinsey and Company.
The bank noted that the appointment of a permanent group executive to the institutional banking and markets area will be announced in the near future. In the interim period, Ian Saines will continue to be the acting group executive.
Ralph Norris, CEO of CBA, said: The separation of local business banking, corporate financial services, agribusiness and private client services areas from institutional banking and markets under the responsibility of separate group executives recognises the increasing scale, diversity and importance of these businesses to the group’s overall business mix.
