Commonwealth Bank of Australia’s chief executive Ralph Norris has named Ian Narev, currently group head of strategy, as group executive business and private banking responsible for the business and private banking customer segments.  Mr Narev will start his new role from 27 January 2009; his replacement has not yet been named.

Mr Narev has been with the group 18 months and was instrumental in the acquisition of BankWest and the group’s investment in Aussie Home Loans. Prior to joining Commonwealth Bank, he was partner and head of New Zealand for McKinsey & Company.  

The move is a key part of a restructuring of the bank’s premium business services division following the departure of former group executive Stuart Grimshaw late in 2008. 

The new structure sees the separation of business and corporate, including agribusiness and private client services divisions (including the CommSec retail platform), from the existing institutional banking and markets areas. 

The bank believes separating these businesses will enable it to further improve its focus on servicing and supporting these diverse customer segments and will continue the positive momentum which has been established.