CBA flags compliance costs, appoints new director

Company News

by Anna Napoli

The Comonwealth Bank (ASX:CBA) has appointed Professor Genevieve Bell as an independent non-executive director to the board.

Professor Bell is a cultural anthropologist, technologist and futurist who spent almost 30 years at Intel Corp as a vice-president.

CBA says Professor Bell will bring a unique and strategic perspective as the bank pursues its purpose of improving the financial wellbeing of its customers and communities.

In a separate announcement yesterday CBA said it would book charges of $355 million in customer remediation and transaction costs to be included in its results for the half year ending December 31.

The additional costs will be partially offset by a professional indemnity insurance payment of $135 million.

Shares in CBA (ASX:CBA) closed 0.23 per cent higher to $68.43 yesterday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.