Narev appointed CEO of Commonwealth Bank of Australia

Commonwealth Bank of Australia chairman David Turner appointed Ian Narev as new CEDO to replace Ralph Norris who will retire in November.

Turner said Narev would take over from Norris on December 1, 2011.

Narev has been with the Commonwealth Bank Group since May 2007 and has been Group Executive, Business and Private Banking since January 2009.

Turner says Narev is an extraordinary executive, as well as a proven and inclusive leader.

"He has restructured and revitalized Business and Private Banking which has delivered double digit revenue and profit growth with significant efficiency gains," Turner said.

Commenting on his appointment, Narev said, "Being asked to lead the Commonwealth Bank Group is a great honor."

"I am really looking forward to taking over Australia's leading bank at a time of rapid change in the local and global economies, continuing the focus on transforming the Group to become Australia 's finest financial services organization and continuing to move that aspiration selectively into Asia." Narev said.

The full story is available at Bernama.