CBA head departs after internal review
(11 May 2010 – Australia) Leanne Leong, the Commonwealth Bank of Australia’s head of structured finance has left the institution, reportedly as a result of an internal review of the division.
The exit of the unit head also follows reports that the bank’s controversial low-tax Maltese operation, which contributes around A$100 million a year in income, would be wound down.
Ms Leong’s division played a key role in the setting up and management of the A$5 billion operation and sources have said that it has possibly captured the attention of the Australian Taxation Office.
The Commonwealth Bank claims that the group required a European licensed bank in order to complete business with members of the European Union and that the unit meets all of its tax obligations.
Mr Norris would not comment on the structured finance review, Ms Leong’s exit or future outcomes for the Malta operations.
Last year ANZ exited tax driven structured finance after a A$1.76 billion dollar industry settlement with New Zealand’s Inland Revenue in relation to transactions designed to exploit ‘tax asymmetry’.
ANZ does not engage in that business any more; the bank just killed it all because it's high reputation-risk stuff, Mike Smith CEO ANZ said.
Ms Leong’s division played a key role in the setting up and management of the A$5 billion operation and sources have said that it has possibly captured the attention of the Australian Taxation Office.
The Commonwealth Bank claims that the group required a European licensed bank in order to complete business with members of the European Union and that the unit meets all of its tax obligations.
Mr Norris would not comment on the structured finance review, Ms Leong’s exit or future outcomes for the Malta operations.
Last year ANZ exited tax driven structured finance after a A$1.76 billion dollar industry settlement with New Zealand’s Inland Revenue in relation to transactions designed to exploit ‘tax asymmetry’.
ANZ does not engage in that business any more; the bank just killed it all because it's high reputation-risk stuff, Mike Smith CEO ANZ said.
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