Mainstream business media in the United Kingdom are now reporting serious, systemic Australian banking misconduct.
The BBC report http://www.bbc.com/news/business-37127579 highlights that the ‘cat is out of the bag’ in relation to misconduct.
It appears that if the Australian Government does not act by implementing a banking Royal Commission, overseas litigators are gearing up to feast upon the malfeasance.
Given the Commonwealth Bank of Australia (CBA) have reportedly engaged in much alleged misconduct, CEO Ian Narev faces a major strategic challenge in terms of responsibility to the business in it’s shareholders.
Prior to becoming CEO, Ian Narev was a key figure in the acquisition of Bankwest in 2008 on behalf of the CBA, which resulted in 1958 business loan customers facing insolvency action by the bank.
The conduct of Commbank will be under increasing scrutiny during the Bankwest Class Action.