CBA business bank split in two
(20 January 2009 – Australia) The Commonwealth Bank of Australia (CBA) has announced that it will divide its business banking operations into two separate business units.
The restructure splits the Premium Business Services into two business units based on customer segmentation.
The first unit includes small to medium businesses, including all but the largest businesses, as well as private clients. CBA defines the business unit as Business and Corporate customers, as well as Agribusiness and Private Client Services divisions (including CommSec Retail platform).
The second business unit will cater for big businesses, from CBA’s existing Institutional Banking and Markets areas.
CBA’s chief executive officer, Ralph Norris, said that the separation of the business units will enable the bank to further improve its focus on servicing and supporting these diverse customer segments.
Ian Narev has been appointed as Group Executive Business and Private Banking, while the appointment of Group Executive Institutional and Markets is pending.
Narev, a former partner at McKinsey, is currently CBA’s head of strategy, has been with the bank for 18 months and will start in the role on the 27th of January, 2009.
The restructure of the Premium Business Services division follows the departure of former group executive, Stuart Grimshaw, late last year.
The first unit includes small to medium businesses, including all but the largest businesses, as well as private clients. CBA defines the business unit as Business and Corporate customers, as well as Agribusiness and Private Client Services divisions (including CommSec Retail platform).
The second business unit will cater for big businesses, from CBA’s existing Institutional Banking and Markets areas.
CBA’s chief executive officer, Ralph Norris, said that the separation of the business units will enable the bank to further improve its focus on servicing and supporting these diverse customer segments.
Ian Narev has been appointed as Group Executive Business and Private Banking, while the appointment of Group Executive Institutional and Markets is pending.
Narev, a former partner at McKinsey, is currently CBA’s head of strategy, has been with the bank for 18 months and will start in the role on the 27th of January, 2009.
The restructure of the Premium Business Services division follows the departure of former group executive, Stuart Grimshaw, late last year.
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