25 Jul 2011

Another NZer to head Australian bank

9:21 am on 25 July 2011

New Zealander Ian Narev has been appointed to head Commonwealth Bank of Australia, replacing Ralph Norris.

Mr Narev will replace Mr Norris when he steps down after six years as chief executive in November.

Mr Narev has been with CBA since May 2007 and led its $A2.1 billion acquisition of Bankwest in 2008 and its investment in Aussie Home Loans.

He currently heads CBA's business and private banking department.