Original article by Jonathan Shapiro, Phillip Coorey, James Eyers
The Australian Financial Review – Page: 1 & 6 : 29-Aug-17
The Australian Prudential Regulation Authority will establish an independent panel to review the Commonwealth Bank of Australia’s governance, culture and accountability. CBA CEO Ian Narev has described the review, which follows a series of scandals at the nation’s largest bank, as a "positive and constructive step". However, ratings agencies S&P Global and Fitch have warned that CBA’s credit rating could be downgraded if the review results in any adverse findings. Shadow treasurer Chris Bowen maintains that a royal commission into the entire banking sector is needed.
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, S&P GLOBAL RATINGS, FITCH RATINGS LIMITED, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, STANDARD AND POOR’S ASX 200 INDEX, WILSON ASSET MANAGEMENT, FINANCE SECTOR UNION