Commonwealth Bank CEO to retire by mid 2018

[SYDNEY] Commonwealth Bank of Australia said on Monday its chief executive Ian Narev will retire by June 2018.

Mr Narev has been head of Australia's largest bank by market capitalisation since December 2011. The exact date of his departure will depend on the outcome of a candidate search, the bank said.

The bank has recently been engulfed in civil charges stemming from alleged breaches of money-laundering and counter-terrorism financing rules.

REUTERS