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Continuity key for Comm Bank and new CEO

WHO IS HE?

Matt Comyn has spent most of his near 20-year banking career at Commonwealth Bank and has led the retail unit, which accounts for half of CBA's multi-million-dollar annual profit, since 2012.

The 42-year-old executive, who also had a stint at Morgan Stanley and is a director of Unicef Australia, has lifted the retail bank's net profit 60 per cent since taking over and helped CBA hit No.1 in terms of customer satisfaction for the first time - and for 51 of 60 months since. WHY HIM?

When chief executive Ian Narev announced his retirement last year following allegations the bank broke money-laundering and terrorism-funding laws, CBA was widely expected to seek an external appointment to drive cultural change and an image makeover.

But chairman Catherine Livingstone says Mr Comyn's record of "delivering very strong business performance" along with improved customer satisfaction made him the outstanding candidate. WHAT IS HE FACING?

The list is long and includes the banking Royal Commission - which on Monday received the banks' submissions - the Federal Court case involving AUSTRAC's money-laundering and terrorism-funding allegations, a shareholder class action, and an inquiry by the Australian Prudential Regulation Authority.

Mr Comyn also faces the challenge of an east coast property market that is finally cooling after driving all four big banks' profits for the past decade or so.

WHAT CBA SAYS

"Matt's values run deep. He is a person of integrity and openness, and has a passion for CBA's vision. I know he will enhance the best aspects of CBA, while making the changes needed to address the challenges which lie ahead," outgoing chief executive Ian Narev.

WHAT HE SAYS

"By virtue of the position CBA holds in the community, we need to equally demonstrate the highest levels of integrity and operational standards to earn stronger levels of trust within the community and regulators."

WHAT OTHERS SAY

"The CBA Board has clearly made a decision that the bank's much-needed cultural change can be driven from within. Mr Comyn knows the bank's internal environment - warts and all," Finance Sector Union national secretary Julia Angrisano.

Austrlaian Associated PressBack to Breaking News

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