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Commonwealth Bank’s Institutional Banking Head Saines to Leave

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Commonwealth Bank of Australia
The Commonwealth Bank of Australia logo is displayed on top of the company's offices in Sydney. Photographer: Brendon Thorne/Bloomberg

Sept. 2 (Bloomberg) -- Commonwealth Bank of Australia, the country’s largest lender by market value, said its head of institutional banking and markets, Ian Saines, will leave at the end of 2013 and it will begin a global search to replace him.

Saines joined CBA in 2004 and was promoted to head the institutional banking and markets unit in March 2009. CBA did not specify Saines’ next role in today’s statement.

Saines, 51, is the second senior executive to leave CBA since Ian Narev became chief executive officer in December 2011. Ross McEwan, 56, quit as CBA’s head of retail banking in May 2012 to become CEO of Royal Bank of Scotland Group Plc Aug. 2.

CBA’s institutional and markets business contributed 16 percent of CBA’s cash profit in the year ended June 30, company filings show.

To contact the reporter on this story: Narayanan Somasundaram in Sydney at nsomasundara@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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