New Zealand banking executive and former Auckland-based McKinsey partner Ian Narev, who was pulled across to Sydney by Ralph Norris to be his head of strategy at Commonwealth Bank of Australia, has been appointed as the new Group Executive Business and Private Banking for CBA.

CBA announced yesterday the splitting of its Premium Business Services division after the departure of its head Stuart Grimshaw. Narev's new division will include Business, Corporate, Agribusiness and Private Client Services (including CommSec Retail). A new Institutional Markets and Markets division will have a separate group executive, who would be named in the 'near future.'

Norris has recruited a collection of New Zealanders to help him run CBA in Sydney, including former ASB Marketing head and Sovereign head Barbara Chapman.

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