Friday, Aug 22, 2014Friday, Aug 22, 2014
Business
 

Australia bank chief 'truly sorry' for financial scandal

Published on Jul 3, 2014 3:51 PM
 
Pedestrians walk past a branch of the Commonwealth Bank in Sydney on June 24, 2014. The head of Australia's biggest bank Thursday, July 3, 2014 said he was "truly sorry" for a major financial scandal in which thousands of people lost their life savings. -- PHOTO: AFP 

SYDNEY (AFP) - The head of Australia's biggest bank Thursday said he was "truly sorry" for a major financial scandal in which thousands of people lost their life savings.

Commonwealth Bank chief executive Ian Narev admitted staff at the group's financial arm provided poor advice to customers between 2003 and 2012 that cost many of them dearly.

"To all the customers who received poor advice I apologise unreservedly," he told reporters in Sydney. "We are truly sorry and we acknowledge the financial hardship that you suffered as a result of the poor advice."

His long-awaited apology came a week after a Senate committee report called for a national inquiry into the scandal at the country's biggest listed firm, amid allegations of forgery, fraud and cover-ups.

 
If you are not a subscriber, you can get instant, unlimited access here

Videos