CBA loses another executive

THE Commonwealth Bank has announced the departure of another senior executive, with its New Zealand offshoot looking to replace departing long-serving chief executive Barbara Chapman.

Ms Chapman, who has steered the bank since 2011, is the latest senior manager set to quit the CBA in recent months following explosive allegations that the bank, Australia’s biggest, breached anti-money laundering legislation more than 53,000 times.

ASB is the second biggest bank in New Zealand, where Australia’s big four lenders — as they do this side of the Tasman — dominate the market.

The big four Australian banks control about 90 per cent of the Kiwi market, with ANZ leading the pack.

Ms Chapman will retire by Easter next year, around the same time it is expected CBA chief executive Ian Narev to depart the group.

ASB operates the life insurance business Sovereign, which was last month sold to Hong Kong-based AIA Group as part of the $3.8 billion sale of CommInsure.