Narev new chief executive of CBA
(25 July 2011 – Australia) The Commonwealth Bank of Australia (CBA) board chose 44-year-old Ian Narev as chief executive-elect to succeed Ralph Norris.
It was thought the successor would be retail banking boss 54-year-old Ross McEwan, however the board may be looking for new growth opportunities in offshore banking and global asset management, making Narev the best choice.
Mr Narev has two master of law degrees and was a global partner in McKinsey & Co, where he was co-leader of the strategy practice in Asia and a consultant in financial services.
Mr Norris lured him to CBA in May 2007, where he spent 18 months as head of group strategy and led the A$2.1 billion acquisition of Bankwest in 2008 in the depths of the financial crisis.
Since 2009, Mr Narev has been in charge of business and private banking, which generates about A$1 billion in net profit from SME and private banking, online brokerage and margin lending.
Citi said Mr Norris had boosted CBA's operations and driven the best shareholder returns in the sector, although the improvement in customer satisfaction had recently slipped in the retail bank. The bank had also conceded market share in mortgages and deposits.
Mr Narev has two master of law degrees and was a global partner in McKinsey & Co, where he was co-leader of the strategy practice in Asia and a consultant in financial services.
Mr Norris lured him to CBA in May 2007, where he spent 18 months as head of group strategy and led the A$2.1 billion acquisition of Bankwest in 2008 in the depths of the financial crisis.
Since 2009, Mr Narev has been in charge of business and private banking, which generates about A$1 billion in net profit from SME and private banking, online brokerage and margin lending.
Citi said Mr Norris had boosted CBA's operations and driven the best shareholder returns in the sector, although the improvement in customer satisfaction had recently slipped in the retail bank. The bank had also conceded market share in mortgages and deposits.
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