The Commonwealth Bank of Australia
(ASX:CBA) will be the focus of an independent APRA inquiry targeting governance, culture and accountability practices within the group.
In pledging their full co-operation with the inquiry, CBA acknowledged their reputation had been damaged by their mistakes.
The Australian Prudential Regulation Authority (APRA) says it is critical the Australian community has a high degree of confidence in banks and other financial institutions are well governed and prudentially managed.
The CBA will meet the full cost of the inquiry.
Shares in the Commonwealth Bank
(ASX:CBA) are trading 0.64 per cent lower to $77.22.
